How to increase collections success
Imagine being able to increase the probability of collecting by 250%. A great frustration in the collections industry is not being able to reach your consumers, not just that but not knowing which to contact first. Perhaps this is due to the contact details you hold being out of date or incorrect, perhaps this is due to a lack of knowledge surrounding their affordability or perhaps you can just never catch them at the right time on the right day. Here we discuss how to increase collections success.
These issues are even more of a problem now with regulations limiting the number of times that collectors can contact an individual as well as when they can contact them.
So how can you priotise your contact list for the maximum chance of success?
With Discovery, you can turn the limited amount of contact information that you have into a plethora of detail.
- active contact points
- up-to-date location data
- social media activity (how active are they online, what accounts do they hold, do they have a large footprint?)
- whether an individual is employed – and therefore more likely to repay on time (by up to 2.5x)
…toto increase collections success by prioritising based on highest propensity to collect.
Additionally, Discovery can be used to price entire collections books in the bidding and acquisition process to help you to determine whether it is worth bidding on.
This all works through you inputting a single unique identifier per individual (such as an email address) which can be done in batch. This acts as a jumping off point from which Discovery traverses from one piece of publicly available piece of data to another. It then returns a detailed and applicable report which can be easily integrated into your CRM to help segment and prioritise collections.
So there you have it, how to increase collections success by verifying whether your customers have active contact points, whether they are employed, and other insights into their online activity.