FICO Collection Scores provide a quick, cost-effective way for collectors to use analytics to prioritize accounts and determine the appropriate treatment for each one. These scores predict the likelihood that accounts will roll from cycles 1 or 2 to cycle 3, and forecast the expected collection amount for cycle 3+ accounts.FICO Collection Scores are pre-developed scores, meaning no historical data is required from you to use them. They can be delivered and implemented more quickly, and can be used while you collect data for building custom models
Features & Benefits
Scores tell which accounts to work first. In early stages, you can select the accounts most likely to roll to cycle 3, and in cycle 3+, you can determine which accounts will repay the most, not just which owe you the most. FICO Collection Scores have boosted collection performance 15%-20%.
Knowing the likelihood accounts will roll or repay can help determine when and how to start working each account, and can help avoid actions that alienate profitable customers.
Scores are quickly available, without having to collect and analyze data. This makes them a good, cost-effective first step before moving to the power of FICO® Custom Collection Models. Clients using FICO® Debt Manager™ solution 7 can "drag and drop" FICO Collection Scores into decision strategies instantly.
FICO Collection Scores leverage our extensive experience in analytics for credit and collections. Some 70% of post-charge-off US consumer debt is processed by Fair Isaac solutions, and we offer solutions for the full distressed debt life cycle.
North America, UK:Cycle 1 Early-stage score rank-orders card and loan accounts on probability of rolling from cycle 1 to 3; Cycle 2 Early-stage score rank-orders card and loan accounts on probability of rolling from cycle 2 to 3; Cycle 3 Late-stage score rank-orders card accounts on expected collection amount.
FICO Collection Scores can be delivered as a standalone executable or an integrated component of the FICO Debt Manager 7.0 end-to-end solution. In Debt Manager, scores are available to turn on immediately, so you can leverage analytics without the data preparation, model development and implementation constraints lenders typically face.
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