Who notifies the collection agencies when a loan has been returned to regular billing?
If a loan has been returned to billing, it will be reflected on the Transactions Against Loans in Collections Report. The borrower’s name will be listed on the report, and under the heading “Activity,” the report will indicate “REMOVED.” The agency should be able to pull this report weekly from eXpressReports since a hard copy of this report is not sent to the agency. If an agency closes and returns a loan, it is critical that the school notifies our company. This will allow the loan to be returned to regular billing. Collection agencies must inform the school when a loan has been closed and returned. They do not notify our company.