Credit & Collections Workflows

Collections Business Process Definitions & Templates

  • Workflow Template / Collections / Collections Account Maintenance

    Account Maintenance
    Account Maintenance is a process that involves the investigation of a collections dispute and the approval or denial of a requested resolution. This process includes the review (involves data gathering and fact checking) of a dispute within a customer's collection's account (these accounts are typically made if a customer is delinquent on a payment), the subsequent approval or denial of a customer requested resolution and the use of the mailroom to send out denial letters (should the customer requested resolution be denied).
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  • Workflow Template / Collections / Collections Operations

    Bankruptcy (Federal & Private)
    The bankruptcy (federal & private) process involves the processing of federal or private (chapter 7 and 13) bankruptcy cases. Chapter 7 is designed to wipe out general unsecured debts (credit cards, medical bills, etc.) and debtors must have little or no disposable income to qualify. Chapter 13, on the other hand, is designed for debtors with a regular income who can pay back at lease a portion of their debts through a repayment plan. If a debtor makes too much money to qualify for a Chapter 7 bankruptcy, they may have no choice but to file for Chapter 13. This process includes a review of received claims, forbearance request processing, guarantor letter processing, filing the claim within the court system (for federal bankruptcies only), shifting of loan to cosigner (when possible) and the resumption of collections activities (after debtor emerges from bankruptcy).
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  • Workflow Template / Collections / Collections Account Maintenance

    Collections Processing
    Collections processing involves the acceptance, documentation, verification and subsequent follow-up (if necessary) related to customer payment collection. This process includes checking if customers have paid for a product or service in full or if payment is late, invoice generation and verification, customer contact for payment, payment processing (manual or electric) and account reconciliations. Any descrepancies should be noted and sent to customer for review.
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  • Workflow Template / Collections / Collections Operations

    Credit & Collections
    Credit & Collections is a process involving the back office processes of new customer applications, credit checking, payment and collections performed by the Credit Department. The process includes payment submission and matching, unmatched item journal entry, customer payment and credit checks and payment collection from customers who have not yet paid.
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  • Workflow Template / Collections / Collections Operations

    Credit Card Collections
    Credit card collections is a process that involves the collection of outstanding credit card balances from individual customers (incoming and outgoing call processes). This process includes account verification (customer name, social secutiry number, account information, etc.), payment (partial or full) and promise to pay acceptance (if customer cannot pay at the time of the call). Debt collectors must provide the customers they contact with a recitation of what is known as the "mini-miranda rights" (an explaination that the call or contact is from a debt collector, that they are calling to collect a debt and that any information obtained during the contact will be used to collect the debt).
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  • Workflow Template / Collections

    Default Mortgage Loan Collections
    The Default Mortgage Loan Collections process involves coordination between customers (i.e., borrowers) loan servicing staff and collections team members to collect overdue loan balances (typically 30 or more days past due). This process includes the generation of a list of borrowers who are carrying past due balances, the pass-off of this list to the collections team and subsequent tasks related to collecting the past due balance or adjusting the terms of the loan to assist the borrower with payment (loan modification, deferements, etc.).
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  • Workflow Template / Collections / Deferment & Forbearance

    Deferments & Forbearance
    The deferments & forbearance process involves the review and documentation of deferment or forbearance requests from debtors. A deferment is a temporary suspension of a customer's required minimum monthly loan payments (common component of student loan repayment practices). Forbearance, on the other hand, can either reduce or temporarily suspend loan payments. This process includes deferment and forbearance request reviews (for eligibility, etc.), approval or denial of request, mailing of verification letters and updating debtor account information.
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  • Workflow Template / Collections / Collections Operations

    Private & Federal Collections
    The private & federal collections process involves the collection of debts from private and federal institutions. This process includes debtor contact (by phone), account verification (customer name, social secutiry number, account information, etc.), mini-Miranda rights recitation (an explaination that the call or contact is from a debt collector, that they are calling to collect a debt and that any information obtained during the contact will be used to collect the debt), collection attempts (payment plan and schedule discussion, investigation on reasons for delinquency, etc.) and payment processing (partial or full).
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  • Workflow Template / Collections / Collections Operations

    Private Debt Recovery
    The private debt recovery process involves the first party (no collection agency involvement) recovery and payment of loans (in default) to private clients. This process includes the loan scorecard process (to determine accounts that will be easiest to collect) skip tracing and payment collection/verification. Should a collections agency be employed, ensure that the agency meets with the Service Level Agreement. Otherwise, be prepared to pull back from the agency.
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  • Workflow Template / Collections / Collections Account Maintenance

    Skip Tracing
    Skip tracing is a process that involves the research and verification of debtor contact information and whereabouts for debt collections purposes. This process includes bad account information identification (accounts needing skip tracing are usually flagged by collectors), contact information research (for accounts with bad phone numbers, addresses, etc.), database updates and subsequent collection attempts (after valid account information is identified). Skip tracers, at times, may perform door to door investigations (interviewing neighbors, family members, etc.) to find the necessary contact information for delinquent accounts flagged by collectors.
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