4 signs you have a valuable repossession partner
When you outsource, consider communication, technology, freedom of choice and reporting.
Repossession is an unpleasant business that is generally the result of a string of bad events or circumstances, often out of your borrower’s control. It’s a last resort effort for most financial institutions and, even then, many collectors work to find alternative solutions.
Your institution most likely outsources these services to repossession partners for many reasons, including the fact that repossession is a hyper-specific skillset. Additionally, it takes countless hours of relationship-building and vetting to establish a trusted list of field reps, repossession agents and auction facilities.
Nonetheless, you need assurances that your repossession partner is the best in the business, performing efficiently and continuously adding value to your financial institution. To help you conduct your own evaluation, here are four signs that you have a valuable repossession partner.
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