As Collections Gets More Complex, a Sound Data Strategy Keeps You on Course
Learn how to future-proof first-party collections practices.
Collections is never easy, but the changing nature of technology, regulations and business adds pressure to the role. As a collector, you have to consider consumers’ communication preferences to ensure the best chance of response. A multitude of federal and state regulations determines what you can say, to whom, how often and when.
The concern for the customer experience has crossed into your domain. LexisNexis® Risk Solutions interviewed first-party collections executives to get a pulse check of this changing environment. We heard firsthand about their most pressing challenges—and what’s working well.
Get the complete study results, including our recommendations.
Our 1st Party Debt Collections Report provides you with clear insight into the dynamics of what is impacting your collections business and data-driven strategies that can help you succeed.
The Art of Collecting is Becoming More Complex
Generally, collections departments struggle with pain in every part of the collections workflow, with consequences downstream. For example, data hygiene—a critical first step—may be compromised by human error, the inability to link siloed databases, or unwieldy external data. Poor quality data then jeopardizes the accuracy of scoring and the ability to contact and locate the consumer.
View a statistical snapshot of the collections landscape and key highlights of the study.
Download Infographic Here
How do you navigate the complexity of collections process? Are you experiencing multiple forms of contact, myriad rules and regulations, differing consumer contact preferences, and extensive decisions to negotiate or litigate? Perfecting your collections workflow can help mitigate many of the challenges of debt recovery. Success largely depends on the way you use data to generate insight.
Uncover collections workflow pain points and tips for overcoming them.
Download Collections Workflow e-Book Here
The method of contact should be viewed strategically. Contact preferences typically run along generational lines, but there are other factors to consider as well. You have multiple ways to communicate with consumers, or do you? The best way to reach a delinquent customer might just surprise you.
Compare the benefits and challenges of various forms of collections contact in the context of audience, regulations efficiency and results.
Download Contact Strategies e-Book Here
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