Eight Steps to Collection and Recovery Excellence

If you’re in the collection and recovery industry (C&R) and have a mature infrastructure in place, understanding the limitations associated with traditional debt collection and practices is key to your success. Applying new technologies to best-practice processing can transform your performance. It’s that simple. This paper examines eight practices that help organizations not only turn C&R into a more successful and compliant activity, but also gain a significant competitive advantage. 1. Reduce operational negation 2. Plan and execute precision-based strategies 3. Apply effort where it secures the greatest reward 4. Optimize channels 5. Make headcount count 6. Take a fresh look at repayment solutions 7. Improve agent negotiation skills 8. Align management information with operational goals