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About the Collections Industry and Its Ongoing Transformation
Recoveries (collecting on charged-off loans) is an important but consistently overlooked stage of the consumer credit lifecycle. Macro-economic events and the business cycle influence how lenders view Recoveries. During the benign portion of the business cycle, when...
Every year around this time the inevitable occurs in the collection and recovery space; tax season comes to an end. The decrease in collections following tax season is often compounded by the reduction of resources that occurs as tax season comes to a close. This...
Modernization of the debt collections process can greatly improve collections performance. The question is: where do you start?
How businesses can overcome these barriers to make immediate improvements to their strategies and empower customers to more clearly understand and take action.
Applying these lessons quickly could reduce eventual losses as well as help retain valuable customers for the long term.
These rules will have short- and long-term implications on Collections strategy, operational footprint, compliance, and technology.