5 standard reports your outsourced collections partner should provide

If your financial institution works with a third-party vendor for your collections efforts, you know how important it is to ensure your partners perform at an optimal level. To properly evaluate whether your outsourced partner is performing at a high level, it’s wise to understand their company procedures and establish agreed upon benchmarks to measure their performance.

One way to do this is to make sure that you’re getting enough information in their reports to give you a full 360-degree view of their performance.

An outsourced collections provider is only as valuable as the reporting they provide. After all, if they aren’t providing robust reporting to demonstrate to you how many calls they’re making, their cure rates, queue averages, payment activity, etc., how can you fully understand how well your portfolio is performing?

To ensure that your outsourced collections partner is performing at a high level, it’s a good idea to insist that they provide the following standard reports:

 

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