Three Ways Data Offers Businesses the Ultimate Insurance Policy

We’ve all heard of car insurance, home insurance, renter’s insurance, health and dental insurance, business insurance, malpractice insurance and yes, even pet insurance!  But how about data insurance?

Our customers have stated that 15-20 percent of a collection agency’s bottom-line goes toward the cost of compliance.  Here’s something new to think about: If you currently count data as a cost of compliance, it’s time to reframe that mental model. In fact, data is an investment and functions like insurance against what you’re doing to stay compliant.  When it comes to reducing the cost of compliance, you want to invest in the best data out there because high-quality data ensures that, in the end, you are able to reach more of the right people the first time, and collect more debt.

True, data companies don’t actually provide you with an ‘insurance policy’ in the typical terms, but by taking advantage of all that data has to offer, and using that information as a part of your daily collection process, you may be able to avoid the real enemies that are attacking your bottom line, consumer complaints and lawsuits.

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