Collection agencies provide reports with respect to their performance and collection activities. Depending on which system the agencies are using and the extent it has been modified, the reports may look similar, but then again the data and format may be completely different. Finding the common data and comparing the performance of two or more agencies may become a daunting, manual task.
Agency management systems have solved that problem by bringing back performance, activity and other data from the agencies back into a common reporting database. This allows for easy comparison through tables and calculations via common data elements.
The ability to truly compare data in this way allows for a more analytical “champion/challenger” approach to managing collection agencies. The key to champion/challenger is the ability to easily compare the performance of one or more agencies using like accounts placed at the same time. Tracking allocations of accounts which fall into the same placement strata, split between agencies on the same allocation, makes it easy to compare recoveries of discrete, similar “sample data sets” over time for a more true comparison. These results should lead to the allocation of more accounts of similar types to the champion, less to the challenger.
Do you have the systems you need for a champion/challenger approach with respect to your collection agencies?
Experian can help with its agency allocation and management solutions through Tallyman Agency Allocation. Learn more about our Tallyman Agency Allocationsoftware.
