2021 saw debt collection and recovery professionals grappling with new regulations while they developed better ways to monitor and handle vulnerable customers during the pandemic. Our most popular posts in this category last year dealt with valuable disciplines, collections predictions, multi-channel vs. omnichannel communications, collections optimization and digital…

Debt collection is about contacting customers, and that only works with correct contact data. Contact data quality in debt collection is a common challenge, and we often get asked how to best address this. 1. Get Contact Data Before You Need It It is much easier to get valid contact data from your customers than from a third party. And updating contact data…

In early collections, most customers will pay within a couple of days when nudged by a friendly reminder, such as text messaging. On the other hand, customers under financial stress should be spoken to sooner rather than later, so that there is sufficient time to resolve the problem and prevent accounts from rolling to later stages of delinquency. Ideally, minimal ope…

Now that we’ve turned the page on the calendar, and entered the third year of the global pandemic, what are the challenges facing debt collection and debt resolution professionals? I’ve been in the business for more than 30 years now, and while some of what I see is new, much of it is awfully familiar. Stress on Household Wallets Regardless of the billions in ca…