You pored over the application. You were thorough in your underwriting. Finally, you approved your customer for a loan, and all you can do is wait and hope for repayment. Sound familiar?
Now imagine the ability to monitor your customers’ credit transactions outside of your portfolio and quickly spot recent changes in their credit profile.
Clear Portfolio Alerts™, comprised of risk and retention triggers, puts you back in control of your portfolio management with near real-time notifications. Waiting for a routine monthly or quarterly account review could cost you. The right information at the right time can help you address potential problems before it’s too late.
Consider this: When a customer triggers a delinquent, collection, or charged-off alert, they are twice as likely to default on your loan.
Clarity’s risk triggers can help.
Identify Risky Customers
A risk trigger is a notification of derogatory changes to your customer’s credit report. These configurable daily notifications allow you to monitor your portfolio by providing snapshots of your customer’s credit behavior. Sample triggers include the following:
- Charge offs
- Identity changes
Since alerts are delivered daily, you have an opportunity to respond immediately to a customer’s changing creditworthiness. Reaching out to a customer prior to default gives you an opportunity to offer alternative loan terms or set up a payment plan before they become unresponsive.
Retain Your Creditworthy Customers
Your customers are constantly receiving offers from competitors. Retention triggers will notify you immediately if a customer appears to be shopping for new credit.
This is an ideal time to reconnect with that customer. You can reach out to reward loyal customers for consistent payments by updating their loan with more favorable terms.
Sample triggers include new credit inquiries for the following types of loans:
- Small-dollar single pay
- Line of credit
Monitor Your Portfolio, Manage Your Risk
Even with meticulous underwriting, there is always some uncertainty when you fund a consumer loan. Be the first to know when your customer falls behind on any outstanding loan payments. Or, strengthen your customer relationships by providing the right products and services at just the right time. A loan approval is just the beginning of your customer relationship. Find out how Clear Portfolio Alerts™ can help manage it through to the end.