The stark reality is, however hard you work to help your customers, there will be some who inevitably fall into the collections process. For the millions of people who showed signs of financial vulnerability before the crisis, hardship looks likely to worsen. Meanwhile, others with newly falling incomes and low savings will become financially at-risk for the very first time.
In this paper, we explore the strategies needed to prepare for, and mitigate, the impact of rising defaults on collections processes. We’ll navigate the causes of change, and the areas of risk and requirement you’ll need to address for your firm to adapt, survive and thrive.
Explored in this paper:
- The state of the nation
- Creating a proactive response plan
- Identifying vulnerable customers
- Spot the new signs of financial strain
- The need for real-time data
- How Experian can help
- A stronger, more certain future