Credit Management for Financial Services Industry
Priority Credit Management Corp (PCM Corp) is a fully Licensed, Bonded, and Insured credit recovery agency that is highly experienced in providing financial services credit management help to:
- Credit Unions
- Credit Card Companies
- And Commercial Finance Companies
These types of financial institutions are sophisticated credit grantors. They know how to protect themselves by only extending credit to individuals with high credit scores and taking security against their loans. When they need help with credit recovery, they call us.
Get help with “Credit Recovery”
Call Toll-Free 1-866-766-9195
Financial services firms engage our expertise for credit recovery when a borrower is 91 days or more past due. When it comes to financial services credit management, they are in the credit granting business, not the recovery business.
In fact, financial service firms were early adopters of outsourcing their urgent issues to qualified third-party vendors. The banks and finance companies did not want to maintain an army of credit recovery specialists and instead retain the services of highly experienced credit recovery professionals like PCM Corp.
How PCM Corp Works with the Financial Services Industry
PCM Corp provides asset location, seizure, sale, and debt negotiation services as part of our financial services credit management process. Some of the more interesting financial services recovery initiatives include “early-out” and “cure loan” campaigns.
In a bid to retain the borrower as a customer, financial institutions use a third-party agency like PCM Corp to make contact with the borrower during the early stages of delinquency.
Third-party agents will work with the borrower to get the loan arrears brought up to date and get the borrower back to making their regular monthly payments. These early-out or cure loan campaigns create win/win scenarios for all parties concerned.
Not unlike communications and media companies or other types of businesses, banks have a cost of customer acquisition. Early-out or cure loan campaigns help the financial institution to retain the customer, but also protect their future cash flow.
Most financial services business can benefit from financial services credit management like the early-out/cure strategies used by the banks. Engaging a professional negotiator to retain your customers and get your payments back on track is more desirable than sending your customers to collections and potentially losing them forever.
If you are interested in learning more about our early-out and cure loan campaigns, please contact us for more information.
PCM’s Auditing, Security & Compliance
Our collection agency is Licensed and Bonded and maintains CSAE 3416 Type II compliance. In addition to our certifications, PCM completes a full financial audit each year.
The financial services industry requires its vendors to maintain the highest levels of personal information protection. To protect our client’s data, PCM Corp:
- Employs the latest in security compliance technology
- Maintains cyber insurance
- And requires our staff to obtain their criminal record checks annually
Ask Us About Financial Services Credit Management
Currently, Priority Credit Management Corp works for Tier 1 lenders in Canada, as well as American commercial finance companies (we are also SOC 1 and SOC 2 compliant). We understand your need for audit compliance and high security, which is why we allocate resources to maintain the highest standards possible.
Would you like to know more about how our PCM Corp financial services credit management processes can benefit your firm? Reach out to us today for a free consultation to see if there is a mutual fit.