Industry Verticals · FinTech & BankingstructuralFintechBillingB2C

Loan servicers keep aggressive collection tactics running after modification

After a borrower's loan was modified to a lower, affordable payment and the borrower stayed current, the servicer continued excessive collection calls to the borrower, a co-signer, and workplaces, along with warnings of legal action, as if the account were still delinquent. This suggests the servicer's systems and collection processes failed to update to reflect the modification, creating unwarranted stress and legal-action threats against a compliant borrower.

5mentions
1sources
5.2

Signal

Visibility

6

Leverage

Impact

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