Creditors looking to optimize their recovery strategy to include debt sales face many challenges in building a long-lasting relationship with a debt buyer partner. Creditors often struggle to find the right debt buyer partner and to build the necessary processes and tools needed to support buyers’ post-sale. These challenges can be overcome by working with a full-service debt broker as a guide throughout the debt sales process beyond just the transactional event.
Understanding the Root Causes
The primary reasons behind post-sale issues and compliance challenges in the debt sales process is a lack of experience and management systems. Creditors without established and tested debt sales processes often struggle to meet the expectations of their debt buyer partner post-sale.
Navigating uncharted territory is always challenging, but with thousands of consumers’ information at stake, there is little room for errors and delays. For instance, all vendors, buyers, and agencies must take the same care with your consumers’ Personally Identifiable Information (PII).
Many creditors rush to sell debt without fully understanding the post-sale requirements and potential pitfalls, resulting in unexpected complications. The absence of a robust tracking mechanism further exacerbates the problem, making it difficult to monitor accounts after the sale, and potentially creates risk for the end-consumer during their lowest points.
The Role of a Full-Service Broker
Engaging the services of a full-service broker like EverChain can significantly alleviate the challenges associated with selling charged-off accounts. Brokers provide comprehensive support that extends beyond the sale itself, offering invaluable assistance in post-sale activities and compliance.
Once debt is ready to sell and transferred onto the broker’s platform, their responsibility begins. A full-service broker will engage a dedicated post-sale and compliance team to oversee every aspect of the process. This team’s expertise and technology allows for meticulous tracking of all post-sale activities including media requests, buybacks, and putbacks, leveraging over a decade’s worth of data to provide insights and assistance. By analyzing this data, brokers identify trends, patterns, and potential areas of opportunity. The information is shared with clients and creditors, empowering an informed decision, and optimizing their debt-selling strategies.
One more unique aspect of EverChain’s functionality is our extensive network of buyers who are audited and recertified annually. The certification process ensures that the buyers adhere to industry best practices and provides added protection for creditors. Just as creditors deserve fair treatment, also, buyers are safeguarded by the broker’s commitment to maintaining exacting standards. With all this information at hand, creditors can select the right debt buyer partner for their needs and not just the highest bidder.
Learn More about Selling Charged Off-Accounts
Selling charged-off accounts can be a complex process fraught with challenges and compliance requirements. By utilizing the services of a full-service broker like EverChain, creditors can overcome these hurdles and achieve timely and optimal results. To learn more about our comprehensive support, post-sale management expertise, data-driven insights, and creditor and buyer protections, start your journey towards selling your charged-off accounts today.
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EverChain is the world’s largest and only fully compliant debt sale platform “patent pending”. In 2012, EverChain developed a market-disrupting debt sale marketplace solution. EverChain launched the first and largest certified debt buyer network in the world, establishing them as THE marketplace for consumer debt transactions. For more than a decade, EverChain facilitated the sale and transfer of billions of dollars in uncollected debt while simultaneously infusing creditors with millions of dollars in revenue. All with unprecedented consumer-centric compliance. EverChain specializes in the following areas of consumer debt: Auto Finance, Utilities, Buy Now Pay Later, Subprime Loans, Credit Card Deficiencies, Bankruptcies and Point of Sale Loans.
To learn even more about what EverChain can help with visit us at www.everchain.com or email our dynamic sales team today for a free demonstration!