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Data quality for debt collections

Reach more debt account holders with email

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Effective email for digital collections means reaching more debt account holders

Collections as an industry plays a vital role when it comes to connecting with borrowers to settle debt accounts and enable future financial transactions. A digital world gives collectors the opportunity to connect with borrowers in new ways, like email.

Having accurate emails allow collectors to successfully stand up or expand an email outreach program to connect with distressed borrowers more consistently using an increasingly-preferred channel. By reaching borrowers digitally, collections teams can expand their debt portfolios to drive up collection rates at a fraction of the cost. With updated email addresses from Experian, collections teams can efficiently connect with their non-paying customers.

Email append can help businesses increase the effectiveness of debt recovery programs. Having just the name and address of a borrower will allow you to append an email address to the contact’s record.

Empower your collections teams to expand email communication

INCREASE

 collections and conversion rates.

REDUCE

the cost of contacting debtors.

IMPROVE

collections team job satisfaction and retention.

Email for digital collections is cost-effective and can be used more frequently than direct mail. When connecting with borrowers digitally, collectors reduce the amount of calls made and increase efficiency of individual collection agents.

While traditional methods of calling and hard mail remain the primary methods of communication in the collections space, growing interest around digital outreach and shifting consumer preferences are opening more opportunities to utilize low-cost email for outreach.

What to know when adding email to collections

Experian and TrueAccord's Guide for Digital-First Collections

“Digital transformation” has become a buzzword in just about every industry, and still, the collections space has been slow to adapt. Inevitably, consumer preferences have changed over time. Digital communications are expected and preferred, as they allow consumers to engage when they want to, on the channel they want, on the device they prefer. Other financial services have already shifted their strategies.

We will take you through the benefits and challenges that collections agencies should consider when adding digital communications to their outreach strategies.

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About TrueAccord:trueaccord_logo.png

TrueAccord is reinventing the relationship between creditors and lenders with a machine learning-driven, digital approach to debt collection. Our technology personalizes outreach to each customer across digital channels, continuously optimizing for performance while delivering a customer experience that builds long-term brand loyalty.

Improve your borrower and collectors experience with data quality

A data-driven culture—an organization that empowers their users to leverage accurate data—leads to a better brand reputation and borrower experience. With accurate contact data, collectors can deliver personalized and private messages to borrowers in a timely fashion either as an introduction or a confirmation after gaining commitment to pay back their debt. 

A collections team that practices data quality management and data accessibility could also increase morale and decrease high turnover in an industry that knows rejection from debtors who owe. Equipping collectors with accurate data mitigates frustration because there is less time spending on investigating a debtor’s contact information and connecting with them.

3 steps to optimize your debt collections process with a data quality solution

If you’re a debt collector, then there’s a common challenge you’re likely facing that is sure to make you cringe: incorrect contact information. Without accurate mailing addresses, phone numbers, and email addresses, you’re often left frustrated spending an unfathomable number of hours investigating how to contact your debtors. And, when you can’t reach your customers, you fall short on your revenue targets.

 

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What is skip tracing?

Leverage data quality for skip tracing with digital debt collections

Skip tracing with digital debt collections can help locate borrowers through digital-preferred channels, like email. A data quality solution can help optimize your process, saving your collections team time and cost. Learn how skip tracing with digital debt collections is an effective way to reach account holders, and how valid contact data can help.

Learn more about skip tracing

Supercharge your customer experience with your debt collections team

Here's how:

A borrower’s experience is just as important in your debt collections process as it is with any other externally-facing department. Think about it: money can be a touchy subject—and rightly so. But, if you approach the subject in a timely manner, like sending digital payment reminders ahead of the due dates, you can continuously feed a positive experience for your borrowers and do it through your collections team.

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