Debt collection

Collections is a complex process in transition and is affected by both internal and external drivers. Businesses need to optimize scarce resources to produce the best collection outcomes for themselves and their consumers. Maximizing recoveries and increasing the amount of cash collected is balanced with needing to provide a positive customer experience that enables a personalized and relevant journey for consumers.

External drivers such as market instability and regulatory compliance requirements place even greater pressure on organizations. With economic conditions changing comes increased financial stress on households, who otherwise may not have ended up in your collections process. Regulators are continuously focusing on the fair treatment of consumers and outreach strategies.

A customer landing in collections doesn't have to be the end of your relationship, or a drain on your internal resources. By modernizing your collections strategies with Experian’s collection management software and analytics, you can execute a customer focused, personalized strategy to maximize recovery rates while automating your processes. Through rich data and diverse sources, you can gather credit, behavioral, and contact channel preferences to gain a complete view of your individual customers. With this insight, you will more accurately predict default and propensity to pay, determine the best next action, and therefore prioritize your collections activities with confidence.