According to the U.S. Department of Energy (DOE), about 85% of residential solar photovoltaic (PV) systems sold in the U.S. are financed. Because of this, maximizing the performance of solar providers' loan portfolios is a key strategy for their success.
Solar providers should choose a loan servicer with a track record of success and proven strategies to achieve success in this area. This will allow them to concentrate on their core competencies.
At Concord, we are dedicated to the success of solar providers. We are committed to identifying trends ahead of the market and helping our clients take proactive steps that result in reduced default rates so that their portfolios can beat the market averages.
Concord takes a consultative approach to collections, focused on educating consumers and creating a positive experience. This differs from traditional heavy-handed collection tactics. Concord’s technology and portfolio performance are unmatched. Here are just a few of the reasons why:
- Our consumer-friendly portal puts your customers’ account information at their fingertips and makes it easy to make a payment.
- Our communication tools automatically remind customers of upcoming payment due dates, balances, and other important information.
- Easy and convenient communication channels allow customers to get their questions answered quickly through their preferred channels, such as text, SMS, email, voice, or chat.
- Integrations that import solar production data into the portal allow your customers to see the value they receive from their solar systems.
- Analytics to identify trends impacting default rates so you can get in front of customers before they even fall behind.
- Unlike most competitors, we wholly own our entire collections portfolio performance workflow – we never outsource our collections work.
- Concord provides tailored training for customer service agents on solar-specific collection issues to drive optimal results by educating consumers on the specifics of your program. They know how the product was sold, who sold it, what name the customer saw, and how to speak about what will happen if a solar customer doesn’t pay. If our agents identify trends and gaps in consumer knowledge that impact performance, they report that information to you, the client.
As a Concord client, you have continuous access to all the latest information on your loan portfolio. Our Business Intelligence Tool Set (BITS) software allows you to examine historical and current trend analysis for an overall loan portfolio or drill down using specific data parameters. Our clients can then use this information to inform their marketing and sales tactics and other strategies.
Another critical aspect of loan servicing is ensuring compliance with the myriad of federal and state laws and regulations on consumer debt collection. Concord Servicing has designed a proprietary Compliance Management System to maintain consistent compliance with all applicable laws and regulations, including the FDCPA, FCRA, and TCPA. Our in-house counsel manages this system. When Concord services your accounts, you can rely on us as the experts in consumer communications, data safety and security, and compliance-related regulation.
Remember, at Concord, we are not just a service provider; we are a partner in your success. We are committed to providing best-in-class services and technology to our clients. We continually invest in our staff, technology, and systems, which allows us to deliver outstanding client support while providing a wide range of services and products at a compelling fee structure.
As a leading loan servicer with more than 30 years of experience, our team is dedicated to the stability and continuity of your loan operations. To learn more about loan servicing or any of our services, contact us at (866) 493-6393 or bd@concordservicing.com.
