Collection Compliance

A core function of collection automation

Overview

Both internal and external collection groups are scrambling to examine collection policies and practices to ensure adherence to the latest government-mandated rules and guidelines. FICO® Debt Management Solutions help organizations embed regulatory compliance into their workflow, using a combination of analytically-driven and automated rules, reminders, and tracking to identify infractions and violations, protecting collectors from regulatory action.

FICO solutions help automate compliance, basing strategic actions on consistent, transparent and fully documented data, analytics and policies. Advanced text and speech analytics monitor, evaluate and report all collection interactions for compliance, providing performance metrics to improve efficiency.

Solution Architecture

Compliance

You've heard the expression: collect the right debt, at the right time, using the right channel.  The need to do it right has never been greater, and now, the need to be compliant? Just as critical. 

Included Products

FICO® Collection Optimization

Product overview

Collection Optimization uses FICO’s sophisticated decision modeling algorithms to quantify the impact of business decisions and actions on debt collection and recovery outcomes. With the ability to run “what if” scenarios and stress test results, managers easily and confidently choose the optimal decision for virtually any aspect of collection operations, including placements, settlements, resource allocation and other objectives.

Visit the FICO Optimization Community to learn more about what you can do with collection optimization, download software trials, get support and talk to the experts!

FICO Optimization Community

FICO® Debt Management Solutions

FICO® Engagement Analyzer

FICO® PlacementsPlus® service

Product overview

Collection Optimization uses FICO’s sophisticated decision modeling algorithms to quantify the impact of business decisions and actions on debt collection and recovery outcomes. With the ability to run “what if” scenarios and stress test results, managers easily and confidently choose the optimal decision for virtually any aspect of collection operations, including placements, settlements, resource allocation and other objectives.

Visit the FICO Optimization Community to learn more about what you can do with collection optimization, download software trials, get support and talk to the experts!

FICO Optimization Community

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Debt recovery leader reduces violations, improves performance with speech analytics

Collection organizations invest heavily in call recording systems to track their activities and debtor commitments.  Yet in 2012, the Federal trade commission received 125,136 FDCPA complaints, representing more than $100 million in potential fines for improper collection activities.  Also, the Consumer Financial Protection Bureau (CFPB) is now collecting consumer complaints, and early numbers suggest the complaints aren't going away - even as new regulatory guidelines are designed to reduce debt collection missteps.

"We wanted to find a way to reduce our exposure to FDCPA violations and litigation, while improving collector performanc.e Now, we can monitor virtually every call.  We're able to quickly isolate collector training, and increase collections performance."  Learn More.