Debt Collections Report Ebooks

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.

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.

Effective Communication Strategies for Contacting Consumers

Staying on top of the ever-changing communications landscape in collections is critical for continued success. Let's take a deeper dive into the various communication channels and their impact on the customer experience. In this ebook, we'll compare first and third-party communication strategies and hear from representatives from both sides.

Download the ebook to learn the latest trends and get answers to the following questions. What communication methods are most effective for collectors these days? Should you consider generational differences in determining whether to call, email or text? How should you prioritize which accounts to pursue?