Collection Prioritization TrainingCollection Prioritization Training
Making collection of unpaid debt a priority will in turn prioritize your bottom line and enable you to make more profitable decisions regarding your accounts. With detailed systems to rate accounts, sort them into categories and rank them according to the most important, you can train yourself to go after debt intelligently. Use our range of debt collection services and systems to prioritize your debt and collect more overall.
Debt Collection Information
Forge a strong, reliable system of account tracking that includes individual account information, credit-based scoring, contact information and more, all in an easy-to-use system you can access from anywhere.
Portfolio Management
Instead of leaving you to do the heavy lifting, portfolio management strategies automatically analyze your accounts and provide recommendations about actions to take, where to set cutoffs, and policies to institute.
High-Risk Account Targeting
High-risk accounts are those most likely to default or result in protracted collections efforts or even legal battles. By tracking bankruptcy, deceased records and other data, you can identify the likely accounts early on.
Manage Commercial Collections
Collecting from businesses is different than collecting from individuals, and your systems should reflect that. A commercial collections system can help you stay on top of business debt.
Portfolio Evaluation
Prioritizing collections involves quickly and effectively evaluating portfolios to determine which have high profit potential and which are less likely to result in recovery, so you need a system in place.
Accurate Account Scoring
Prioritization must be flexible, and take into account the most accurate information. Score accounts accurately by incorporating current credit data with preexisting account information.
Delinquency Notification
Inform customers of their delinquent status in a timely fashion to increase the chances of collecting and maintaining a productive relationship. Prompt, official notifications increase collection rates significantly, so don’t overlook this step.
Account Tracking
Instead of mining your accounts yourself, establish account-tracking procedures so you receive notifications whenever new account information is available.
Debt-to-Income Analysis
By taking into account the debt-to-income ratios of your customers, you can increase the chances of targeting accounts most likely to pay off debt and increase your recovery percentage.
Collection Resource Optimization
Unfortunately, it costs money to engage in debt recovery activities, and your resources are finite. Stretch them further by increasing the number of dollars you collect while decreasing the amount you spend collecting them, all through reliable, repeatable systems targeted toward early- to late-stage collection processes.