Field collection
Field collection is one of the jobs that have a heavy task in execution. These field collectors must make various efforts to remind customers or debtors who have arrears in instalments to the company. While dealing with customers, of course, there are many obstacles faced by these field collectors. Although there are customers who always pay their instalments on time, customers still have problems paying their instalments until they are in arrears. For this reason, companies need to make various efforts to minimize the existence of receivables that customers do not pay. The term field collection is familiarly referred to as FC. Well, field collection is in charge of visiting debtors who still have outstanding debts or who have paid within a predetermined deadline. As an FC, this work is an important part for debtors to settle their debts. The field collectors will also take various ways to make these debtors pay off their arrears by explaining the consequences that will arise later. These field collectors not only remind debtors or customers to settle their debts but also provide proof of official payments to customers following company regulations.
We provide
- Cheque pickup
- ECS Pickup and submission
- Checklist base audit
Collection Agency
When a borrower defaults on their debts or fails to make scheduled loan payments, the creditor will report this delinquency to a credit bureau. Then, not only will the borrower’s credit history be tarnished, but also their debt will be turned over to a collection agency within three-to-six months of default. If the borrower pays their debt as a result of the collection agency’s efforts, then the creditor pays the collection agency a percentage of the funds, or assets, that it recovers. Depending on the original agreement entered into with the creditor, the debtor may have to pay the full debt all at once or a portion of it at a time
If the borrower still will not, or cannot cover their arrearage, the collection agency can update the borrower’s credit report with a “collection” status, which leads to a drop in the individual’s credit score. A low credit score can affect a person’s chances of obtaining a loan in the long term, as an account under debt collection can remain on their credit report for seven years.
Collection agencies deploy multiple strategies to try to retrieve funds, such as the following:
Calling the debtor’s personal and office telephones
Mailing numerous late-payment notices to the debtor
Contacting a debtor’s family, friends, and neighbors to confirm the debtor’s contact information
Appearing at the individual’s front door
