Positive changes to the debt collection process for Debt Collection Agencies

Debt Collection Agencies (DCAs) are dealing with customers at what can be a difficult time as they struggle with managing their finances. However a positive customer experience is possible along with the right outcome. Here are a few areas we can help you.

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1. It’s all in the set up:
Implementing checks that make the connection between your customer and their bank account or payment card in real-time is essential. It means you can be confident that the bank account details provided actually belong to the policy holder, that card details are in the correct format and are linked to the policy holder’s address, and that the card is in the policy holder’s possession for Card Not Present transactions. Join the leading consumer banks, payday lenders, mobile telecoms and utilities providers in real-time checks to enhance the customer experience.

2. Before you call:
You should know which accounts in a portfolio were created fraudulently before you contact the account owner. Rather than your team pursuing fraudulent debt (debt that wasn’t actually created by the person listed as the account holder) and causing stress to victims of fraud, your team can spend time working more efficiently and supporting your genuine customers.

3. Automation and consistency for customers:
New technology can help automate affordability checks, credit checks and customer communications. By automating the process as much as possible, you provide consistency and efficiency to your customers, which no doubt improves the customer experience. It also frees up resources for more customer support and helps to speed up what can be an unwelcomed experience for customers, meaning the contact they have with your team can be more positive.

4. Planning for the future:
While most Debt Collection Agencies are already regulated, or at least have already adopted principles to treating customers fairly (TCF), the potential for further reforms in the debt collection market could mean further regulation. Working with product/service providers who are also regulated can help you be more prepared for further regulation as your providers will also be working to providing products/services under the same guidelines.