Collector - September 2020 - 19

COVER

NSE

COLLECTOR 09.20

I

n the months leading up to the
COVID-19 pandemic, the U.S.
unemployment rate had dropped
to a historic level, and delinquencies on
consumer loans, mortgages and credit cards
were the lowest since 2008. The impact
of the new coronavirus and the social
distancing measures adopted in many
states has shifted the economic landscape,
creating an unemployment crisis worse
than any time since the Great Depression.
As a result, many lenders and their
accounts receivable management (ARM)
partners are now grappling with consumers
who are unemployed or receiving reduced
wages and in need of remedial assistance.
Meanwhile, their own collection call centers

are shut down or are reduced in capacity due
to social distancing requirements, forcing
many employees to work from home since
in mid-March. This has caused increases in
telephone wait times when customers call
lenders, which in some cases can last hours.
Some companies reported receiving call
volumes in one day that were equal to the
normal inbound call volume for one month,
prompting them to quickly revamp their
websites to accommodate consumer interest.
"Click here for COVID-19 help" banners
now populate lender homepages. By clicking
on those links, consumers can opt in for
payment holidays, including suspended
or deferred payments. Creditors and
collection agencies often default to a 90-day

19



Collector - September 2020

Table of Contents for the Digital Edition of Collector - September 2020

Collector - September 2020 - Cover1
Collector - September 2020 - Cover2
Collector - September 2020 - 1
Collector - September 2020 - 2
Collector - September 2020 - 3
Collector - September 2020 - 4
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Collector - September 2020 - Cover3
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