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Collection Agencies

Collection Agencies

Advanced collection methods collect more. Faster. Smarter. Most of all, compliantly.

Overview

A good place to see how collections impacts competitiveness is the 31-day “time bomb” under IFRS 9 in the financial services industry. To prevent accounts from rolling to Stage 2, and with its requirement for lifetime expected credit loss impairment, some creditors are looking to accelerate collections by assigning more accounts to external collection agencies.

There’s concern, however, about increased exposure to other compliance risks, since creditors are responsible for ensuring third parties treat consumers fairly and adhere to applicable laws and regulations.

Increased placements is a good thing for collection agencies, of course. Instead of throwing bodies at this opportunity, smart organizations are using analytics-driven strategies and automated processes to focus their resources on accounts where they can make the biggest impact in the shortest time, not only to prevent 31-day delinquencies but to collect and recover more.

 

Case study

Thames Water

Tailored communication strategies boost collections and customer satisfaction.

Case Study

Phillips & Cohen

Phillips & Cohen Manages Global Growth While Preserving a Compassionate Approach to Estate Debt Collection with FICO Solution.

Case Study

Cabot Credit Management

Learn how Cabot Credit Management boosted efficiency and customer satisfaction with FICO® Debt Manager™ Solution.

Case Study

State of Maryland

Makes Debt Collection Efficient and Productive with FICO Solution.