Here is some insight on the crucial role that technology plays in helping lenders be proactive rather than reactive about debt collection. Depending on the severity of late customers in the lender’s particular loan or lease portfolio, a mix of different methods can be used to help the lender manage late customers before they reach an unacceptable threshold for lateness. The methods included within the software functionality range from increased data visibility of overdue payments, organizing and flagging delinquent deals as well as triggering automated notification documents to customers. The ability to reschedule a payment date and provide flexibility for postponing or increasing the payment amount also increases the opportunity to settling payment.
“Importance of technology in debt collection
Technology has successfully replaced the traditional and inefficient debt collection process. Their contribution to the loan industry is immense.”
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