The Collection Advisor

Financial Debt Recovery: 3 Reasons Top Banks Use a Collection Agency

Posted by Brian Summerfelt on Jun 21, 2018 7:35:28 AM

Most Canadian banks, credit unions and other financial institutions have in-house collections departments as part of their risk management and loss reduction infrastructures. For the most part, these offices are staffed with highly competent financial services debt recovery teams and perform very well at collecting defaults on credit card debt, mortgages, lines of credit, leases, and other banking and financial services lending products.

So then why would these financial institutions need a collection agency, you may wonder. At MetCredit, some of our best, longest-standing client relationships are with banks, credit unions and other financial services providers. 

In fact, we have provided uninterrupted financial debt recovery services to one of Canada’s biggest banks since 1974—our second year in business! 

Here are three great reasons why top banks and other lenders use a collection agency:

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Topics: Insider Tips, Consumer Debt Collection, credit score

12 Tips to Protect Your Credit Score from Identity Theft

Posted by Brian Summerfelt on Dec 13, 2017 6:04:00 AM

You never think it’ll happen to you.

Until the day it does.

Identity theft. Whether it’s a news story, social media post, or coffee house chitchat, we continue to hear stories almost daily where a fraudster hijacked someone’s identity to access money or get credit. The victim, suddenly under a mountain of debt, faces the daunting task of proving “that wasn’t me!”

What’s worse, identity theft tends to destroy one‘s credit score, making it impossible to get a mortgage, vehicle loan or credit card until you fully resolve the situation—a convoluted process that takes many infuriating hours.

Click to learn about your credit score and credit bureaus in Canada

Think you’re not at risk? Well, it’s not just negligent or careless people who have their identity stolen.

Hey, it even happened to me.

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Topics: Credit Bureaus, Identity Theft, credit score

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