Collecting Overdue Dues: Contacting borrowers (via phone calls, letters, or visits) to remind them of unpaid EMIs and negotiate repayment plans according to the agency agreement. [1, 2, 3]
Remitting Collected Funds: Depositing or transferring all recovered cash, cheques, or electronic payments back to the principal financial institution promptly. [1, 2]
Bookkeeping and Documentation: Maintaining detailed and accurate logs of every interaction, payment promise, dispute, and follow-up attempt. [1, 2]
Periodic Reporting: Submitting regular status updates, collection positions, and default summaries to the lending institution. [1, 2]
Maintaining Confidentiality: Upholding strict banking secrecy rules regarding customer accounts and financial data.