Case study: Collection agency realizes ROI of $72 per $1 spent on data with Collection TriggersSM
First Financial Asset Management, Inc. (FFAM) implemented Experian’s Collection TriggersSM product as a cost-effective, flexible way to monitor more than 1.14 million collection accounts.
As a collection agency, FFAM assists a variety of creditors with their outsource needs to collect on past-due accounts. Understanding a debtor’s ability to pay based on current and factual credit data, rather than their willingness to make a payment, is key to developing a successful segmentation strategy.
With an increasing number of accounts to monitor, FFAM needed to maximize efficiency by automating its account monitoring capabilities to better identify and contact those debtors with the ability to pay. In order to prioritize workflow on its collections operations side, FFAM turned to Experian for an efficient, cost-effective account monitoring program.
Over a two-year period, FFAM selected accounts with a balance of $500 or more from its bankcard, auto and subrogation placements for monitoring by Collection Triggers. By utilizing Experian’s Collection Triggers service, FFAM collected additional payments totaling $3.5 million — a return of $72 for every $1 spent on the trigger data.
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