Why Lenders Need To Improve Response To Payment Difficulties

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ATLANTA-According to a recent survey by Synergistics Research entitled, "The New Consumer Credit Market-Challenges and Opportunities," there is some room for improvement in how lenders respond to customers having payment difficulties.

Due to the current environment, Synergistics noted, lenders face unprecedented challenges to financial stability and market position. However, their actions taken in attempts to shore up their bottom line must be weighed against the possibility of customer alienation, the consultancy warned.

Findings revealed that three in 10 Internet households report that they have had trouble keeping up with payments of some type in the past year. A small majority, almost six in 10, indicate they did contact the lender at some point concerning their difficulty. Of these, half indicate that the lender was helpful. "However, this also means half do not think the lender was helpful, pointing to significant room for improvement," Synergistics said.

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