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Effective Strategies to Reduce Debtor Days

Know-It Global

Ensure you have a dedicated team or individual responsible for debt collection, maintaining regular communication with customers, and resolving payment issues. Offer multiple payment options Provide customers with various payment options, such as credit cards, electronic funds transfers and online payment platforms.

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Consumer Lending Compliance: Hot-Button Issues to Monitor

Abrigo

Takeaway 3 Consumer compliance laws related to debt collection and preventing money laundering are also important for lenders. Consumer lending compliance — like other aspects of enterprise risk management at financial institutions — saw a huge impact from the COVID-19 pandemic. Debt collections & anti-money laundering.