Navigating the Complexities of Debt Sales: How Brokers Add Value
Author: Matt Stone
Creditors today are keen on expanding their recovery strategy. This often includes exploring debt portfolio sales to third-party buyers. But the process of selling debt often involves some hurdles, especially in establishing a fruitful, long-term relationship with a debt buyer. Identifying a compatible debt buyer and setting up systems for post-sale support can be complex, but these challenges are surmountable with the guidance of a full-service broker.
Addressing the Core Issues
Inexperience and inadequate systems are often the root causes of post-sale complications. Without a well-defined process, creditors can find it difficult to meet the post-sale requirements and expectations set by their debt buyer partners. Handling portfolios of debt accounts can also become particularly risky when sensitive, unmasked Personally Identifiable Information (PII) is involved — mistakes can endanger consumer data.
The Role of a Broker in Simplifying Debt Sales
Opting for a full-service broker like EverChain® can substantially mitigate the risks and complications tied to debt sales. Brokers offer a full suite of services that extend beyond the mere transaction, including comprehensive support in post-sale activities and compliance issues.
Upon transferring the eligible debt onto EverChain’s platform, the broker takes charge of the sale process. A dedicated debt sale team with post-sale and compliance expertise oversees each phase, employing specialized technology for accurate tracking of post-sale activities such as media requests, buy-backs, and put-backs. EverChain’s unique advantage lies in its extensive network of annually audited and recertified buyers, along with its platform’s oversight of consumer communications and licensing. This meticulous certification process adds an extra layer of protection for both creditors and buyers, ensuring adherence to industry best practices.
Making Data-Driven Choices
Data analytics are an integral part of what a broker like EverChain offers. Through meticulous tracking and analysis of historical data, EverChain helps creditors make informed decisions. This includes scoring the past performance of the buyer/seller partnership for all transactions, especially as it relates to post-sale requests like buybacks, media requests, and handling consumer communication. This shared data allows creditors to identify potential opportunities to improve their processes and refine their debt-selling strategies for optimal pricing outcomes.
A Broker’s Added Value
The robustness of EverChain’s services not only facilitates the initial sale but also simplifies the complicated process of post-sale activities, including compliance oversight. This offers a significant advantage to creditors by reducing compliance challenges and post-sale risks. With EverChain’s guidance, creditors can find the right debt buyer, not just the highest bidder, for a more seamless transaction and long-term partnership.
If you’re looking to explore debt sales as a viable recovery strategy, consider the services of a full-service broker for a smooth and effective transition. To find out more about end-to-end debt sales support and expertise, read how to sell defaulted loans with EverChain. Start your journey towards a more efficient and secure debt sales process today.
EverChain® facilitates compliant and secure debt sales for lenders and other creditors. We enable creditors to manage and monetize their uncollected receivables via our secure, sophisticated, and specialized technology platform (patent pending) consistently and compliantly. We aren’t simply a conventional broker or a buyer; EverChain is an experienced debt sales advisor who has the expertise to help creditors optimize their recovery strategy while protecting their consumers, brand, and bottom line.
A successful debt sale should not be measured by how much money you sell your accounts for, it should be measured by how much you get to keep. Creditors concerned with any post-sale compliance risk can rest assured that the EverChain network holds itself to the highest standards of care. This ensures that creditors selling their accounts on the EverChain marketplace to our certified network of buyers can expect unprecedented and unparalleled levels of compliance from buyers, their agencies, and law firms.
If you need to navigate debt sales and are unsure; EverChain can help with your charged-off debt, please contact one of our team members to schedule a demonstration today or email us here to learn more.