This section shall discussed the following flags that will be present and viewed in the collections system.
These flags are indicators of the phase to which an account can be identified for its present status.
Web Flag
Flag | Definition | Status | Notes |
|---|---|---|---|
On-Time/Current | Account is current | Normal | |
Delinquent | Account is in past due | Past Due | Account should be referred to Collections |
LOXON Flags
-Special flag which will appear in the LOXON agent screen to specify what is the status of the account.
-Collections may be authorized to update flags but there are flags that only specific teams can update (Anti-Fraud)
Flag | Definition | Status | Notes |
|---|---|---|---|
Delinquent | Account is delinquent and is assigned to collections | System updates flag | General flag means the account is currently a regular delinquent account. |
Potential Fraud | Account is suspected of Fraud but unverified | Collections may update such flag in the account of the customer. | Should be forwarded to Anti-Fraud for disposition and investigation |
Fraud | Fraud Verified | Only AF can update such flag in Loxon | Confirm Fraud |
Death Suspicious | Bank was informed of the passing of the client | Collections may update such flag in the account of the customer. | Account should be endorsed to Anti fraud for verification. -Is there documentary evidence. -Is it valid. (Y/N) |
Decease Client | Death is verified | Only AF can update such flag in Loxon | Confirm Client Decease. To done by AF after review of documents presented. |
Delinquent-Agency | Past Due account currently under Agency | System assignes Flag | The account is currently being service by an external agency. This has to be sent to them for servicing |
Delinquent-Field | Past due account currently under field | System assignes Flag | Under field assignment. Call back reminder should be given. |
Delinquent-Legal | Past due account under Legal | Under Legal Assignment Refer to the legal team | |
Delinquent-Terminated | Account is already in 91+ DPD | System assignes Flag | See: Termination Systems initiated. |
Written off | Account is 180+DPD | System assignes Flag | Should be systems initiated at 181DPD |
Special Handling | DPD 90+ | System assigne flag | Account was enrolled into a program-e.i Restructuring, Settlement. |
Sold | DPD 90++ | System assigned flag | Account is on debt sale |
Settled | Any DPD | Systems assigned | Account has been settled and has no more due |