Mumbai: Loan errors that were once able to hide their status by changing houses and cities, the strategy can now find less effective. Banks and loan settlement authorities are increasingly employing skip trace, a method for extracting and analyzing creditor information that was previously difficult to obtain.
Skip trace tools that provide credit information offices enable users to reduce their repository for alternative contacts and business locations of an existing or potential customer and to give insights into their loan relationships and their payment behavior. This is usually done by analyzing all possible contact details, including addresses and telephone numbers, so that the lender can find those who are in delay.
“Now loan offices can identify a chronic failure, even if he changes his location,” said a high -ranking banker for private sector. “If the failure uses the same name and the same name and identity evidence as its Pan number, the system identifies the fraudster.” The Credit Information Bureau (India) has a tool called Cibil Locate Plus, which offers “timely, comprehensive, comprehensive and most updated contact details from customers to the loan states”. “With the authority of this information, loan states can tap the customer at the right time to ensure recovery.”
Other loan offices such as Equifax and Experian also offer similar products. Local debt collection agencies have used the method to catch acceptances, especially in the segment for personnel loans with small blind loans. Banks have no considerable non-powerful loans in their retail or personal segments.
However, banks from the private sector have screwed retail or individual loans to promote business and increase profitability in a time when a slowdown economy drains the demand for money from companies and they want to be twice sure that they will get their money back. In 2008, most banks were affected by needy assets in the personal loan business, how many creditors were selected after the economic crisis.
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