Collections Prevention

Strengthen your customers’ financial health.

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Overview

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.

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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.

Enabling Technologies

With 60+ years of pioneering work in predictive analytics and artificial intelligence, FICO powers our solutions with the most advanced science available.
Debt Management Goals

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.

Expected Results

Move away from a “one size fits all” approach to collections to achieve results such as:

60%

Reduction in loan-loss provisions

40%

Reduction in 90-day delinquencies

20%

Reduction in account level bad debt

From the FICO Blog

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Be Proactive

Utilize collections strategies to intervene before a problem develops and retain your best customers.