A major consumer lender historically sold non-performing loans (NPLs) directly to an individual debt buyer was experiencing a high volume of consumer complaints. The lender wanted to determine if selling their accounts via EverChain’s Certified Network would decrease their volume of complaints as a result of EverChain’s certified network of buyers undergo an extensive vetting and compliance oversight process to be in the EverChain network.
THETEST This major consumer lender listed 50% of their non-performing loan portfolio onto the patent pending EverChain platform and sold the other 50% directly to their usual Buyer.
THETWIST The same usual buyer won the bid for the 50% of the portfolio listed on EverChain’s platform at a higher price.
THEOUTCOME The 50% sold via EverChain’s platform at the higher price resulted in a 90% reduction in consumer complaints than the accounts sold direct to the Buyer. The lender’s post-sale headaches were eliminated, and profitability increased.
THE WHY The EverChain certified network of buyers manage their accounts with extra care as a result of EverChain’s strict compliance and quality standards, they know in failing to meet these guidelines will result in them being removed from the largest network in the country.
Want to learn more about how EverChain will help you sell your non-performing loans and reduce your consumer complaints — start here or email us today!