All businesses, regardless of size, must be able to collect on their debt in order
to remain solvent. When your debtors are business entities rather than consumers,
it’s critical that you understand the key differences between collecting commercial
debt and consumer debt. For example, there are regulations that apply to consumers
but not businesses entities, and there are collection strategies that are better suited
for commercial accounts.
Experian® has deep expertise in the field of commercial debt collection
and has developed products specifically designed for commercial debt collection. Here
are a few ways we can help you improve your collections processes:
Monitor Changes In Your Portfolio
Monitoring your debt portfolio allows you to manage risk proactively and take immediate
action to address negative account performance. With Account
Monitoring ServiceSM you can view changes to your customers' credit
profiles and receive alerts regarding significant changes. It offers powerful triggering
capabilities so you can not only avoid future risk but also identify up-sell and cross-sell
opportunities.
Collect From Delinquent Accounts
To maximize return on investment on your collections activity, you need to deploy
recovery strategies that are effective and efficient. Experian's Delinquency
Notification ServiceSM helps you collect on your delinquent commercial
accounts in a cost-effective manner, potentially avoiding the need to refer them out
to a collections agency. Delinquency Notification Service contacts your debtors via
mail on
Experian letterhead, letting them know of their current debt obligations and communicating
the potential effect on their business credit. In addition to motivating your customers
to repay their debt, the letter also explains how they can obtain a free business
credit report.
Locate Hard-to-Find Debtors
Recovering debt is nearly impossible unless you have access to current, accurate
contact information. Access to a skip tracing tool such as Experian's Collections
Recovery ToolSM can greatly increase your ability to locate delinquent
debtors. The tool mines Experian's large network of business data sources to reveal
alternate addresses, telephone numbers and business owners. It also provides a 90-day
summary of their payment activity with other creditors, so you can prioritize your
collection efforts.