In a recent survey, we went under the hood with 600+ collectors to discover the inner workings of their collections strategies. The aggregated results provide insights into pressing recovery topics such as:
- The amount of time collectors spend tracking down the right party
- The most important pieces of right-party contact information
- The adoption rate of advanced search technologies
- The impact of online databases
We know that collectors won’t recover a penny without reaching the right party. What the survey uncovers is that having bad data puts the brakes on your collections strategy. On the other hand, obtaining actionable right-party contact (RPC) data moves collectors into the fast lane to enhanced recovery operations.
“Bad data puts the brakes on your #collections strategy while actionable RPC data moves you into the fast lane to recovery.”
For example, 38% of collectors who took the survey take two or more weeks on average to locate an individual. And 21% spend more than half their time manually skip tracing.
How does your collections operation compare? If two or more weeks resonates, the race to a new strategy should start today. You could be saving precious resources—agent time and company money—and reallocating them to work better for your business.