Creditors can benefit from collection customers in the driver’s seat

Good customer treatment equates to good business. Concord has worked hard to make sure customers are heard, respected, and empowered to work through financial challenges instead of walking away.

This is proving to be a profitable business strategy for Concord clients, whose portfolio performance is reflecting an even-handed, encouraging effort with customers. As Concord President Shaun O’Neill emphasizes in a recent Developments Magazine article: “Loan servicers, therefore, have needed to evolve collection practices to align with creditor willingness to achieve a win-win with customers. In addition, federal, state and local regulations mandating more leniency have played a major role in debt collection policy and technology changes.” MORE

Consumers will continue to be in the driver’s seat for the foreseeable future. See the article about how “the CFPB has given even more power to consumers to determine how creditors and agencies can communicate with them.”

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