Be prepared to help customers through financial stress.
A customer’s financial situation can change fast, and they will not always feel comfortable contacting you when they foresee a problem. Proactively monitoring customers’ financial health helps you predict when missed payments are possible, so you can intervene before the customer falls behind.
Proactive collections prevention.
Strengthen relationships with customers at risk of entering collections through proactive payment reminders, skip payment offers, and payment plan offers. This is done best with a customer-level view of the relationship, one that shows the customer’s history of accounts, and provides insight that will drive automation of the right collections prevention action. Communicate these actions with discretion and care via automated notifications and digital self-serve options.
How it Works
An efficient customer management and collections prevention process delivers valuable information to early-stage and late-stage collections from the moment the customer enters default. Collectors get a complete and systemic view of the customer’s account history and performance to determine treatment.
From the FICO Blog
Utilize collections strategies to intervene before a problem develops and retain your best customers.