Member Risk Evaluation is a report designed to highlight factors essential to long-term operational success and financial stability.
The red alert icons indicate areas with the potential for risk. Below is an explanation of why each factor is important and OmegaFi’s recommendations for improvement.
- Past Due - When members do not uphold their financial obligation to the chapter, we encourage you to suspend social privileges until they make payment arrangements, or their balance is paid in full.
- Charge Off - Members with an aging status of Charge Off owe a balance that is more than four billing cycles delinquent. At this point we recommend the chapter turn their debt over to collections.
- Invalid Mailing Address - Debt is not considered collectible if there is not a valid billing address on file.
- Billed at School Address - When statements are mailed to home address, payments are made in a timely manner and the chapter experiences a much higher on-time collection rate.
- No Home Address - We recommend that each member has a permanent home address on file. If a member graduates, goes home for summer, or unexpectedly doesn’t return to school it is important to have an alternate address for billing.
- No Contract On or Social Security Number File - It is important to have a signed contract and a social security number on file for each member to maximize collection opportunity. Where allowable by law, with a signed copy of OmegaFi's member contract, the member is accountable for fees related to collection efforts.
- You can click on the “Member Contract” button on the top right to view the member agreement between the chapter and OmegaFi.
- OmegaFi Mail - Open OmegaFi Mail on a member’s account typically indicates there a question or dispute. Timely and effective resolution of issues will promote on-time payment.