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How much uncollected money are you leaving behind due to less than optimal collection and recovery scoring tools? FICO® Custom Collection & Recovery Models give lenders and collection agencies the ability to manage debt more effectively.
Predictive power
Collection models are designed to predict outcomes based on a wide variety of factors, including promise and payment history, payment timing, contact channel preference and collector notes.
Segmentation
Models are up to four times more accurate in separating good accounts from bad, which means smarter, more informed decisions based on the likelihood of account delinquency and expected collection amounts.
Focus
Collect and recover more by pinpointing the right accounts and the most profitable actions, continually improving results by learning from performance data.
Outdated account management models are replaced with models that are current, valid and effective.
Collection models are updated as needed to reflect current business conditions.
Consumer behavior predictions become the basis for collection decisions.
Collections and recovery improve by focusing on the right accounts and most profitable actions.
Account performance data helps continually improve results.
Strategic alignment of your underwriting, customer retention and treatment tactics is critical to providing better collections outcomes and improving customer experience. That is why many vehicle finance providers are now focusing on transforming their entire collections ecosystems. This transformation will require broader thinking with an emphasis on data analytics and intelligent communications across the credit and collections lifecycle.
It’s estimated that 30 million people in the US alone have one or more debts in collections, and household debt is on the rise. Significant 90-day delinquencies come from credit cards, mortgages (plus associated lines of credit), student l...
Most tax and revenue agencies have strong collection operations, anchored by a large, dedicated staff of collectors supported by laws that allow for streamlined enforcement actions. Outside of tax agencies, it’s not uncommon to find depart...
If any portion of your retail sales depends on facilitation by credit, pay more attention to collections. This backend operation, even if outsourced to a third party, is having an increasing impact on retailer front-end operations and top-...
Telecommunications debt collections have continued to evolve in recent years, relying increasingly on external agencies to provide scalability and diversify their collection strategies. Thousands of agencies compete for the attention of te...