Collections & Debt Recovery
The CFPB recently issued a NPRM to implement the FDCPA. If you aren’t ready for the new CFPB regulation, what are you waiting for? Read more!
Collections strategies demand diverse approaches, which is where collections analytics and collections models come into play. Read more!
Have you seen the latest TCPA class action lawsuit? Now more than ever, it’s crucial to build effective and cost-efficient contact strategies. But how?
Debt management is becoming increasingly complex. People don’t answer their phones anymore. There are many, many communication channels available (email, text, website, etc.) and just as many preferences from consumers regarding how they communicate.
Recent studies show many Americans consider debt a deal-breaker when it comes to their romantic relationships. Who is carrying the debt?
Lenders and financial institutions can help their customers get on the right financial foot for 2019 by helping them maximize their tax refund.
Tax season sees collections growth every year, as many use their tax refund to pay down debt. Find these consumers to maximize your collections efforts.
Current debt collection process is outdated. The process is driven by the measurement of delinquency and loss and doesn't consider the customer.
The average number of retail trades per consumer has been trending down since 2007. But the average consumer retail debt is trending up, roughly $73 year-over-year. When analyzing single-store credit card debt by state in 2017, we found these states had the highest retail debt
Change has certainly changed the consumer, and everyone seems to recognize this but collections professionals. See how digital collections is catching up and getting results.
Knowing which of your customers may receive a tax refund is critical. Trended data can help collectors understand who will use it to pay down debt.
For most businesses, the customer experience is at the heart of every strategy. Debt collection shouldn’t be different. Here’s why:
The collections space has been migrating from traditional mail and outbound calls to electronic payment portals, digital collections and virtual negotiators. Now that collectors have had time to test virtual collections, we’ve collected some data points. Here are a few:
Creating a customer journey map, and seeing it through from acquisitions to collections, can help you better define messaging and channels to best reach your audience.
As more collectors transition from "dialing for dollars" to digital solutions, they are seeing early results and success with virtual negotiation tools.