When the economy slows, the number of accounts going to collections rises steeply. The workload of collections departments can easily double or triple, making efficiency a necessity. To keep up, your collectors need effective tools.
Successful collections start with access to current, accurate data for debt assessment. You need to know if a consumer has recently declared bankruptcy or been to prison, as major lifestyle changes affect the consumer’s ability to pay off outstanding liabilities.
Credit reports are not enough to inform collections decisions. A solution that offers additional insights and scoring allows you to segment and prioritize accounts. Then you can focus your time and resources on accounts with the highest collections potential.
For skip tracing and contacting consumers, you need accurate and complete data. Your in-house data may not be sufficient. Alternative data culled from numerous sources can help fill in the blanks.
Finally, when it’s time to take legal action, you need resources to help you locate people at work and verify assets such as bank accounts and property ownership. Having those tools at your fingertips can accelerate repayment.
Learn more about our proven solutions to streamline your collections workflow and increase profits while ensuring compliance by viewing our video.