Collector - March 2020 - 31

T

he collections process has never
been more complex, with multiple
forms of contact, myriad rules and
regulations, differing consumer contact
preferences and extensive decisions to
negotiate or litigate. However, there is some
good news. Perfecting your collections
workflow can help mitigate many of these
challenges. Success largely depends on
the way you use data to generate insight.
A recent survey conducted by LexisNexis
Risk Solutions found that first-party
departments tend to think about collections
both from a functional, process-oriented
standpoint and an emotional, pain-pointrelated standpoint. If you are anything
like the typical first-party collections
department, your collections workflow
probably looks something like this:
1.	 Data Hygiene: Confirm/update/scrub
consumer records to ensure accurate
and complete consumer information.
2.	 Scoring & Analytics: Prioritize
collections activities.
3.	 Contact & Locate: Connect with
consumer or perform skiptracing.
4.	 Mitigation: Negotiate a payment plan.
5.	 Litigation Strategy: Sue to collect via
legal judgment.
Like your industry peers, you may be
hitting snags at every step-with effects felt
downstream. We'll explore each of these pain
points and learn how using better strategies
and resources can improve each step in the
process, leading to higher collections and a
better customer experience.

COLLECTOR 03.20

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Collector - March 2020

Table of Contents for the Digital Edition of Collector - March 2020

Collector - March 2020 - Cover1
Collector - March 2020 - Cover2
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