What is a Debt Buyer?
What is a Debt Buyer? If you’ve ever had a debt in collections, you may have experienced your account being purchased by a debt buyer. Debt buyers are businesses in the financial industry that partner with credit issuers to relieve some of the financial loss that can occur from lending money, goods, or services for which […]
Giving Back, Renato Represents Hope!
EverChain and its employees believe in giving back to the local and global community. Each year, with the full support of the company, members of the team participate in and contribute to a wide variety of philanthropic and charitable initiatives aimed at supporting causes close to their hearts. The most recent example is from our […]
Global Expansion Plans Give Rise to New Executive Positions
Two key leaders take the helm during unprecedented growth streak Global expansion plans give rise to new executive positions. EverChain is pleased to announce the creation of two new executive leadership roles to support the company’s global growth and expansion. Jenn Wilson, EverChain’s Chief Compliance Officer, will assume the responsibilities of CCO and Corporate Secretary; and […]
Taking Unnecessary Risks With Consumers’ PII?
ARE YOU TAKING UNNECESSARY RISKS WITH YOUR CUSTOMERS’ PII? As a lender, you are entrusted with large amounts of your customers’ PII (Personally Identifiable Information) and, according to several federal statutes protecting PII, you are responsible for the security of that data. As the originating creditor, you likely have security and access protocols in place […]
What is an auto deficiency balance?
With nearly 2.2 million vehicle repossessions every year and over $600 billion in auto loans in the United States, many consumers may be wondering what leads to repossession and why they still owe money even after their car has been taken away. This is called an auto deficiency balance. The goal of this Money Chat Article – […]
Tips for Compliantly Buying Debt
Tips for Compliantly Buying Debt This article was published in Cornerstone’s newsletter on April 19. Table of Contents 5 TIPS FOR MITIGATING RISK WHEN BUYING DEBT 1. Strategy 2. Segment 3. Security 4. Due Diligence 5. Post-Sale 5 OBSTACLES THAT PREVENT CREDITORS FROM SELLING DEBT 1. Perception of Risk: 2. Lack of Resources: 3. Lack […]
Debt Sales as a Recovery Option for Creditors
Recovery options for creditors If you are like most consumer lenders, you know a portion of your loan portfolio will default. As a creditor, there are three recovery options you can do when a customer fails to pay their debt: Collect: Attempt to collect internally or Assign to a law firm or third-party collection agency […]
Broker vs. EverChain’s Full-Service Debt Sales Approach.
When lenders decide to sell their debt, they have options. Broker vs. EverChain’s Full-Service Debt Sales Approach. Many lenders choose to use a broker because they don’t want to invest in the staff, and the technology it would take to compliantly sell debt directly to a buyer. Sure, you could hire the staff, train them, […]
Customer Experience is Impacted by Collections
Customer Experience is Impacted by Collections, the customer journey does not stop at default. Recovery is part of the overall Customer Experience and plays a key role in client satisfaction and retention. As someone who is responsible for Customer Experience (CX), you know it’s important to have a hand in every customer interaction, from onboarding […]
EverChain “Why I Joined” with Kellen Thomas
EverChain “Why I Joined” with Kellen Thomas We sat down with EverChain’s newest team member, Kellen Thomas, who joined our Client Success department recently, as our Manager, Client Success. We wanted to understand the “Why” behind his choice to join EverChain, learn what drives him to do his best every single day, and what his […]
