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LenderSuite Loan Servicing SoftwareA guide for collecting
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How to Establish the Collection Policy

Ask your collectors to write questions to which they want answers. The questions must begin with any combination of the words: "Who," "What," "Where," "When," "Why," "How."

Why? Because such questions cannot be answered with a simple yes or no. Any answer must provide data.

Obtain answers to the questions from: your knowledge... knowledge of co-workers... friends in the trade... your Trade Association.

List the questions and answers, each on a separate piece of paper. Place the papers in a mnemonically-indexed binder. Reproduce and distribute the binders.

Follow up, in one month... to be sure your Collectors did read and do understand the policies.

A policy is a bunch of relevant questions and answers. And a policy exists when no question is ever asked twice.

Organizing the Collection Area
Your Collector should (A) telephone debtors to collect money, and (B) do very little else...

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