The collections landscape continues to change. In today’s ever-fluctuating economy, both the number of accounts going to collections and the amount of debt entering recovery are increasing. At the same time, people change addresses, phone numbers and employers more frequently than at any other time in history, making the art of collecting payment increasingly complex.
Collections and recovery departments struggle to keep up as they pursue debtors for money they owe, especially if they lack the right tools to be effective. It’s no easy task to locate debtors and their assets–especially when debtors are actively employing ways to hide. Outdated systems, processes and data lead to wasted time and resources for debt collection, as well as worker frustration that can result in high turnover rates.
Some of the current collections and recovery tools that banks are using may create more drag than lift. You can spend vast resources of time with little to show for it in the way of recovered debt. LexisNexis Risk Solutions can help.
Our collections and recovery solutions help you identify more right-party contacts and drive increased workflow efficiencies and profitability at every stage in the debt collection process. The right debt recovery tools can greatly increase your financial return. They enable you to segment debts, prioritize accounts for payment collection and concentrate your efforts and resources where you’ll have the most success, all without using any unfair practices.
Our solutions are based on proven debt collections strategies. They take into account important factors like first-party contactability and even factor in a consumer’s propensity to pay at each step of the collections process. You can follow distinct collections decisioning workflows powered by Fair Credit Reporting Act (FCRA) compliant data to ensure you’re working in full compliance with the law and using the right information for permissible purposes.
You can reach out to customers with past-due accounts early and utilizing multiple channels—emails, phone calls, text messages, letters, door-knocking—to increase debt collections. And instead of sifting through mountains of data from multiple sources, you can access reliable and relevant data through various delivery channels including online, batch or XML. Then, get quickly to work on making contact with delinquent accounts. It’s all about maximizing recovery of bad debt without expending unnecessary resources while following compliance policies and the law.
By leveraging the power of data and advanced analytics, LexisNexis collections and recovery solutions transcend the limits of your in-house resources to build an efficient environment from end-to-end of your collections workflow including:
Accessing new types of data can give you a broader picture of who you’re attempting to collect from. That information helps you to understand consumers’ situations better and potentially tailor the customer experience accordingly.
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