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    Collection Software
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Loan Collection

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Loan Collection Software

Loan collection is usually a process which is highly regulated. As the creditor wants to get back the loan with its interest, they usually offer the loan with either a mortgage or a guarantor to back the debtor. The debtor enters into a legal agreement with the lender to repay the loan by a particular time and date.

This is monitored by both the creditor and the rating agencies to track how prompt a debtor is in repaying the loan. This is used to calculate the credit score of a debtor for future loans.

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Generally, the method to collect a loan follows the steps given below:
  •   Collect the money coinciding with the arrival of the debtor’s income cycle
  •   Maintain a systematic follow-up on how the customer can handle the repayment
  •   If the customer shows discrepancies in one or two installments, reach out to the customer to find out the cause.
  •   If the customer is prompt, preserve goodwill and promote more offers to him.
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