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 [...]
Is there a way to collect on delinquent accounts without damaging the customer relationship? Should your success be solely derived from getting new clients in the door and servicing existing customers? Keeping cash flow management, administrative organization, and the ability to set and keep firm payment terms as part of the equation, will ultimately lead [...]
It’s a common practice amount businesses, big and small, to wait until an account is delinquent to begin a successful collection strategy. Ideally, there would be a good strategy in place at the final step in the sales process. The best way to reduce bad debt and late payments is by getting proactive about [...]
It’s like anything else I guess. Human nature to gravitate towards the biggest and so called best. Seems reasonable enough when you think about it, everyone else must be using their services, so it must be the best decision. Let me share with you just a few thoughts on why choosing a collection agency that [...]
Being a business owner is not easy. You have to deal with all types of customers. Some are rude, while some are extra sweet, some ensure that you get your payment on time, and some don’t really care about paying you, even after the due date.Let’s face it — dealing with the customers who [...]
Almost every business owner comes across a difficult debtor at least once in their lifetime. Troubling economic conditions, financial mismanagement, or just plain loss of the business, there are various reasons why a customer might have difficulties meeting those debts. But, if you think of it — is it your fault? Absolutely not! This is [...]
There are situations where a business has exhausted it’s efforts when it comes to collecting debt. Letters have been sent, calls have been made, resources have been used at your expense, yet the debt remains. Here are a few tips to help you during the debt collection process: #1 – Be Positive and [...]
