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Lenders, Agencies Tweak Collection Strategies In Recession

Payments Source
With more borrowers making hard choices about the bills that are most important to pay, more collection shops are adopting a kid-gloves approach to recoveries.

Lenders are experimenting with changes to formulas to determine when they cut slack to late borrowers, and how much to give, says Vijay D’Silva, director and co-head of the payments practice at McKinsey & Co. Inc., New York.As a result, collections has evolved into a marketing game.

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