Government relief efforts and deferral programs enacted at financial institutions have helped consumers through the economic impact of the COVID-19 pandemic. Once relief efforts end, delinquency that may have been hidden by those relief efforts will reveal itself and the collections process will begin. In this new reality, the collections process may be different than in times past and require a different approach. Dan Price, President of 2020 Analytics, collaborated with Credit Union Executives and Industry Leaders in developing a white paper on Collections During a Recession. The white paper is available to CUNA Council members for download in the white paper section of the CUNA Councils home page.
Incorporating a skip monitoring program will help you better understand borrowers that may be at higher risk for delinquency. It can also provide actionable insights on how to prioritize your collections process. At 2020 Analytics we provide reporting and monitoring of your loans in deferral. We identify which of those loans are still in their deferral time period, which loans were in deferral and are now making payments and which loans are out of deferral and are now past due. We provide a list of those borrowers so that you can proactively offer additional assistance.
Contact us today to learn more about our skip a pay monitoring programs.
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