How Do Lenders Handle Delinquent Loans?
The Federal Reserve Bank of New York reports that the rate of credit card and auto loan delinquencies continues to increase, surpassing pre-pandemic levels. When a borrower misses a payment on a loan, mortgage, or credit card, it can trigger the delinquency process....
What is the Difference Between Car Loan Default and Charge Off?
Due to increased living costs, and higher loan amounts, most Americans are finding it difficult to keep up with their car loan payments. Vince Shorb, the CEO of the National Financial Educators Council, mentioned that many borrowers are defaulting on their car loans...
10 Common Mistakes to Avoid During Debt Collection
Debt collection is one of the most important and trickiest processes that impact the cash flow of a business. When not done properly, debt collection can have financial repercussions and reputational damage. With a process this important and intricate, mistakes can...
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