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As a delinquent transactions move through it's collections life cycle, it's status may change or escalate over the time. However, in the later stages of the collections life cycle, you often have to use legal steps to recover the money. Hence, it becomes critical to capture and update the information about each of these statuses.
But how do you do this in Oracle?
Oracle Collections managers and specialists could use the Lifecycle tab to manage their customer's later-stage delinquency events. It provides a 360-degree view of all delinquency-related information about a customer. All in all, It involves bringing in a suit to recover the payment, repossessing to cure delinquencies, writing off assets, or customer bankruptcies.
Watch this tutorial to learn about:
1. What is Later Stage Delinquency and 3 Ways to Recover it
2. How to Record Litigation, Repossession, Bankruptcy in the Oracle System
3. How to Write-off the Dues in Worst-Case Scenario
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