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About Collections

Collection is the process of collecting money from customers who are delinquent or are unable to make a payment by a specified date. Collection is one of the most important components of the lending cycle and can dramatically affect a company's bottom line. Those accounts that company is unable to collect on must be written off in the end, which reduces the company's profit.

A collection system allows a company to identify delinquent accounts and arrange them into predefined lists so call center agents can follow up and obtain payment. Many companies group delinquent accounts into three or more buckets, for example, 30 days, 60 days, and 90 days.

Each bucket results in a different series of actions. For example, accounts in the 30 days bucket might receive a letter reminding them to pay the outstanding balance. Accounts in the 60 days bucket, however, might get a call from a collection agent to discuss the balance and payment scenarios.

Using Siebel Finance, administrators can query and create lists of delinquent accounts based on the number of days the account has been delinquent. Companies can also use Siebel Finance in conjunction with third party systems. For example, if a company uses a third party system to track delinquent accounts, users can take lists generated by these systems and use Siebel Finance to execute collection activities.

Using the procedures given in this chapter, you will be able to do collections activities such as viewing summary information about delinquent accounts, executing collection call, and recording skip trace, bankruptcy, and legal information related to delinquent Accounts.

End users use Siebel Finance to view summary information about delinquent accounts, execute collection campaigns, and record skip trace, bankruptcy, and legal information related to delinquent accounts.

You can save time and reduce keystrokes by using a workflow to automate steps that are repeatedly performed by end users. For more information, see Siebel Business Process Designer Administration Guide for Financial Services.