Collections and loss mitigation vendor management is not easy. Finding and onboarding a new tech vendor or collection agency partner is tough work, so of course, collections & recovery vendor managers want to manage those vendor relationships for the long run. But it doesn’t always turn out that way. If you have solid vendor management practices in place to measure performance and you know which leading indicators and KPIs to watch, you should have a good view into your vendor's performance. Maybe you're seeing that a partner just isn't measuring up on those key vendor oversight metrics or expectations. Maybe they aren't delivering on contractual obligations or responding quickly to your requests.

When vendor relationships do not work out, vendor managers have to decide if and how they plan to terminate the contract and end the relationship. Don't wait to think this through until it's time to end a relationship. Vendor managers who put in the preparation from the very beginning of the contractual relationship will have a much easier time assessing vendors and terminating vendor relationships safely and efficiently.

In this guide to collections vendor termination best practices, you'll learn how to assess vendor relationships that don't seem to be performing as they should, how to figure out if and when you should terminate the relationship, and how to minimize the risk and complication when you do.

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