The number one reason that consumers don’t stay on a DMP is that collector calls don’t stop right away. With mailed proposals, it can be 5 days to weeks before the creditor receives the proposal which will stop the calls. An electronic proposal, however, can be sent as soon as the customer enrolls, stopping the calls within a day or so. By reducing attrition in the first month, the agency increases their percentage of retained customers. By working with Peregrin Services, not only will agencies retain more customers, but agency revenue will increase, creditors and lenders will receive their payments and individual customers will be closer to financial security; a mutually beneficial relationship for all – just by using Peregrin Online.
Peregrin Online provides an automated service for credit counseling debt management proposals and related services that interface with Mastercard RPPS ® and Visa ePay ® . Peregrin’s electronic DMP management system allows users to sort, pre-decision, decision, defer, notate and respond to DMP proposals, balance verification and drop requests completely electronically, online, with no interface to build or software to install. Users can send electronic messages to and from agencies directly from the proposal they are considering. Plus, Peregrin provides a completely secure upload and download feature which permits lenders to electronically decision most of the proposals with no human intervention.
How it works
Proposals are sent to you electronically from credit counseling agencies via RPPS® and Epay® and are presented to your staff in queue, online. Through a secure 128-bit SSL Internet Explorer browser on your staff’s desktop, multiple users log in to review the day’s transactions in a standardized electronic form.
Your staff will then open a window to your collections system and position that window to take up 2/3 of the screen. The Peregrin Online browser is then positioned in the remaining 1/3 of the desktop screen. This enables the employee to process a proposal online while making notations, lookups, etc. without opening and closing windows.
As a queue is opened, the employee decisions each proposal with drop-down boxes and functions such as an automatic payment calculator. Peregrin Online provides a strong agency database with validated contact information so users can call or send messages directly from the open proposal. This valuable feature is not available with RPPS® or Epay® alone.
Proposal data is then screened to meet your criteria – for example, minimum payment or days until first payment. If desired, duplicate proposals can be automatically returned without presenting to your staff, and multiple proposals for the same consumer with multiple accounts are highlighted. Pre-decisions due to duplicates, insufficient payments, etc., can be automatically rejected without being displayed first. Another measure that Peregrin takes to prevent multiple proposal submission is a multi-proposal indicator. An indicator on the screen shows the operator if another proposal has been received for the same consumer from the same agency, but for another account.
Once a decision is reached, the proposal is submitted, corrected balances are transmitted back to the agency, and the next proposal in queue is displayed on the screen.
In addition, Peregrin Online also offers agencies a login name to enter proposals individually and electronically, so it is possible for a lender to completely remove paper from their proposal processing system, yet still provide free, convenient access for all credit counseling agencies wishing to submit proposals. Peregrin also offers a conversion service for lenders where Peregrin will convert all paper proposals for the lender for those agencies that do not currently submit online.
Reports
Beyond the electronic submission and decision process, Peregrin Online also makes reports available. Reports track performance measurements on agencies, staff and many aspects of the process. Reports are constantly upgraded and developed to enhance the management of this process. The data derived from the process becomes yours – at any time you can extract and download tables for your own analysis. We will also build custom reports for you accessible via the internet at your request. Reports are also available regarding the Peregrin CMS service .Managers who wish to review reports for either can access both systems from one login – via Peregrin CMS. Calls, proposals, drop and balance verification activity is all within one convenient login.
With Peregrin Online standardizing your interface, your company will move quickly to an environment where 90% of your proposals are automatically decisioned, leaving only the exceptions to then be dealt with by your staff. While Visa Epay® and Mastercard RPPS® are good transport mechanisms, you need a value-added processor at the receiving end to completely automate the process and increase functionality. Peregrin Online is the solution to eliminating ineffective communication with agencies and cutting costs tremendously. Peregrin Online will speed your processing and dramatically increase efficiency and effectiveness.
For more information on Peregrin Online processing services, please contact us.