Optimise debt collection with a focused strategy that maximises collections efforts and recovery rates
Without the right data, the cost of collections can actually end up being higher than the value of the debt itself. To create an effective collections strategy, you need to know if your debtors can afford to pay, and whether they intend to, and how to treat each group in the appropriate manner.
Where do you apply your collections resources? Do you focus on the highest risk to prevent roll (usually applied in early-stage collections), highest propensity to pay to maximise monies collected (typically a late-stage collections approach), or do you simply outsource to external collections agencies? How do you balance the collections workload against the resources you have at your disposal?
Collections Manager from Transunion is a cloud-based solution that uses advanced data models to provide an accurate profile of each debtor on your book. It then segments your book into risk categories so you can prioritise your efforts based on the most effective strategy for that segment.
Using a combination of consumer affordability, bureau commitment, past payment behaviour (including defaults and judgments), and contact information, incorporated with TransUnion’s collections prioritisation models, Collections Manager helps you determine which customers should be worked first in order to achieve optimal results.
Collections Manager provides an end-to-end operational framework for debt collection. It allocates matters to agents, who work the accounts using built-in dialer capabilities, then capture client interactions and outcomes directly into the system. Collector and portfolio performance is monitored, and can be extracted for reporting.
All of this is hosted in the TU cloud, meaning little to no setup cost and minimal IT intervention.
Target your debt collection efforts at each stage of the collections cycle and measure the value of each action with ongoing analysis of different strategies.
By targeting your efforts at the “most appropriate” prospects first, you can make the most of the available resources to facilitate maximum recovery at each stage of the collections cycle—faster and more efficiently than before.
You can implement different collections strategies for your book, incorporating your own requirements in segmentation criteria. You can also allocate portions of the delinquent book for sale or outsourcing, and monitor those segments to track the performance of your external partners.
Collections Manager brings fully integrated end-to-end collections capability, the power of TransUnion data, powerful strategy segmentation tools, operational control and monitoring, and an efficient agent workspace together in a single, affordable and easy-to-implement package.