Gain Insights into the Debt Collections Landscape
The Debt Collection Report 2022 examines how collection organizations have adjusted to new and remote working environments in a post-pandemic world. It looks at impacts on workflows, resource shifts and investment, and changes in approaches to the customer relationship.
Select an ebook about the report from the tabs below:
Select an ebook about the report from the tabs below:
Optimize Your Debt Collection Workflow
Shifting consumer demographics and continually changing regulations have created new challenges that affect the collections workflow for both first-party and third-party collectors. Among the biggest pain points for collectors is access to quality data. Lack of accurate, up-to-date information wastes time, drains resources and prolongs the recovery process.Ineffective scoring models also create inefficiencies and increase the risk of non-compliance, potentially leading the collector to contact the consumer too frequently or via the wrong channel. Compliance is a growing concern, forcing collectors to keep abreast of regulation changes in order to avoid lawsuits and fines.
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Balancing Compliance with Collections Strategies
Ensuring compliance with collection laws in today’s heavily-regulated industry is an on-going process, one made all the more complex by frequent changes. Both first-party and third-party collectors risk costly penalties and reputational damage for non-compliance.The new regulations obligate collectors to be diligent in keeping call records and abide by the 7-in-7 rule. How are collectors coping? Some have turned to digital channels (text, email or portals) to fill the call void.