Collecting: The best -kept secret of the debt collector [sponsored]

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The optimization of your collective strategy is always critical, but it can be pressed particularly urgently if we are confronted with economic uncertainty and an increase in diseases. A data -controlled prioritization strategy can help to improve the restoration rates and at the same time minimize time and costs.

With collective extinguishing ℠ you can better monitor and prioritize accounts to improve your collective efforts.

Challenges against agencies and debt collectors

It is important to recognize the challenges with which agencies and debt collectors often have to struggle. This includes:

• Management of your workforce: Dealing with an increased workload will be particularly difficult for organizations who have difficulty renting and keeping employees.
• Knowing who you have to contact: The traditional prioritization based on the account can be effective, but is not necessarily the best option. Ideally, you can precisely and quickly identify the ability of a consumer to pay adequate treatment at the right time and to offer adequate treatment.
• Maintaining the right contact information: Text messages and social media offer collectors more options. However, you must continue to take into account the consumers' communication testers and often confirm that they have the correct contact information.
• Reduction of the costs and improvement in operational efficiency: You may be asked to do more with less. It is not an easy task, and you have to think carefully about the investments offering a solid return on investment.

Agencies and debt collectors hire these challenges in different ways. However, it is clear that it is important to find a solution that can improve the recovery rates without increasing the workload of the agents.

What is the trigger collection?

Experian's Collection Triggers is an account monitoring tool that can be adjusted to notify you if a person's loan profile has a “release event”.

Triggers can include new employment, new contact information or a new credit line. But they can also be more detailed, such as B. separate trigger for various positive improvements (e.g. a paid loan, a paid car loan or an account that is from the past of 60 or 120 days due to the current one).

How can collective triggers improve the collection process?

During the entire restoration process from the early stages, you can use triggers in the early stages to follow-up accounts in order to strategically prioritize your public relations work and increase profitability.

It is important to have specific triggers because you can define the triggers and surveillance criteria for your accounts. Experian can offer instructions on the most suitable triggers based on the experience of the former collectors.

For example, we have found that payment-related trigger can be very effective in the collection of BankCard accounts. This includes a consumer if a consumer pays another collection account, pays a calculated account or provides an account after 120 to 180 days.

Bankcard is just one example – trigger are helpful to collect personal loans, medical debts, retail and other business. Such “positive improvements” show that the consumer may have the willingness to pay and the available resources. Timing can be ideal to achieve it through other outstanding obligations, since your financial situation has probably improved since her last attempted contact.

Trigger for contact details can also set a spotlight on accounts with a new telephone number, an address or a new employer. And the use of collective extinguishing offers a clear return on investment, as they ask the collectors to take measures on accounts that would otherwise not be processed. Passive monitoring of triggers also eliminates the need to repeatedly skip older accounts.

Experian helps collectors to modernize and optimize the company

Collection Triggers is an effective, flexible and inexpensive solution in itself. There is no advance costs for monitoring – you only pay if a trigger event you have selected occurs. By removing the puzzle rates when managing your portfolio, you can improve the right contact rates and use a powerful, efficient collective strategy.

The restoration process is time -consuming and expensive. The use of collective resolution can help to avoid common pitfalls when managing your portfolio and to serve as a proven procedure for dealing with aged inventory. Relevant events will be exceeded in real time for the desired accounts you want to monitor and you only pay for what you use.

Compare this with the alternative that repeatedly processes the same files every month in an exhaustive search for attributes for all of your accounts. This cumbersome approach includes the attraction of data from data, while you are looking for interest according to Nuggets. You pay for every search, even if the results offer you no benefits.

Experian also offers additional solutions for collectors. For example, our tools for SKIP tracing from proprietary credit data and alternative data are drawn to over 245 million consumers, including non -list notic telephone numbers and rental data to check and update the contact information from consumers.

Or use the latest analytical approaches that segment and identify consumers who are likely to heal themselves, require a memory or cannot pay. We also help agencies and collectors, machine learning and artificial intelligence to automate collections, improve customer satisfaction and optimize processes.

Contact Experian to learn more about collective triggers and our debt recovery solutions.