In the past, a delinquent account reported to the credit bureaus could significantly lower a consumer’s credit score and impact their ability to borrow. However, in recent years, the effectiveness of credit reporting has certainly shifted. This shift is in part due to changes in credit scoring models, the rise of alternative credit lending [...]
For any reputable collection agency, compliance shouldn’t be just a requirement, but rather an integral part of the day-to-day operations. Because of the highly litigious, highly regulated industry, failure to build an agency with compliance at the forefront can lead to consequences such as fines and lawsuits with the most serious consequence being damage [...]
Revolutionizing Recoveries: How AI is Transforming Debt Collection Strategies AI is transforming the debt collection industry by making the process more efficient, compliant, and consumer friendly. Through automation and predictive analytics, AI helps agencies recover debts faster while reducing operational costs. Machine learning models analyze consumer behavior to personalize collection strategies, increasing the chances of [...]
Dealing with past due invoices is part of any business, large or small. How each company deals with them can make a significant impact on overall profit margins. Nothing magnifies this more than the economy slowing down. So far, 2020 has proved how important staying on top of your receivables process is. Moreover, how [...]
