The COVID-19 pandemic created unprecedented challenges for the debt collections industry, including new regulatory rules, changing consumer demands, and a potential uptick in activity as forbearance nears an end and deferments fall off. The pandemic continues to affect everyone’s lives, and — along with inflation and market fluctuations — the only thing that’s certain is continued uncertainty. As lenders and third-party collections agencies plan their next steps, a robust evaluation of debt-recovery processes should be a required starting place.
In such uncharted territory, the more tools you can deploy and optimize, the greater your chances for high rates of return. Therefore, leveraging the best data and analytics on the market — paired with innovative solutions — are essential for your collections roadmap. Using data to automate and streamline — while strengthening your risk-identification and mitigation approach — can set you on the right path.
Your comprehensive strategy should focus on the following areas:
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