COSTA MESA, Calif.,
April 19, 2017 /PRNewswire/
-- Getting debt collection right is about more than money.
It's about knowing the difference between a customer who has simply
forgotten to make a payment or someone dealing with a financial
hardship. Knowing the difference is important so lenders can
provide the individualized customer experience consumers expect
when they pay bills, secure a new loan online or deal with
collections.
Debt collections processes have remained static over the years.
The industry-standard has been to follow the risk relying on
standalone solutions that weren't able to manage the entire life
cycle. As the lending landscape has evolved, with many new and
existing choices to access credit, complexity and costs have
evolved as well. Collections costs have grown significantly.
According to Federal Reserve, consumers accounted for $29.3 billion in charged-off credit card debt in
2016, a 15 percent increase over 2015. Lenders are trying to adapt
to these market changes while managing against potential increases
in delinquencies.
Experian® has launched two solutions, eResolve™, and
PowerCurve® Collections, to give consumers an easier way
to resolve their debt and to streamline the management process for
businesses. eResolve is the first self-service platform to help
consumers negotiate and resolve past due obligations while
PowerCurve Collections brings together data, decisions, and the
collections workflow in a single, unified system.
"We have to move debt collections into the modern age," said
Craig Boundy, chief executive
officer, Experian North America. "Using our data and analytics,
lenders can uncover the best way to personalize the collections
process to improve the customer experience and simplify debt
management. The advanced, data-driven decisioning we offer can
prepare lenders against rising delinquencies, while increasing the
long-term value of their customers."
Helping consumers ease the debt process
eResolve is
the first self-service platform that acts as a virtual negotiator
for consumers to resolve their debt obligations. Through digital
mediums, lenders can offer consumers options for payments, payment
dates and the ability to negotiate terms without interacting with a
collector. This tailored approach helps eliminate aggressive
collections tactics so lenders can build trust through convenience.
It also reduces lender costs, increases returns and improves the
overall consumer experience while elevating the collections process
into the modern age.
Making the process of debt collection easier for
businesses
PowerCurve Collections gives lenders an
end-to-end debt management process with insights to inform their
actions. Every contact with a customer is an opportunity to
strengthen the relationship, and PowerCurve Collections can drive
decisions like how often to contact customers and the most
effective way – and times - to reach them. The best action could be
a high-touch outreach or an automated effort that connects
customers to a virtual platform to negotiate their debt. Sometimes
doing nothing is the right approach, and understanding which
customers are most likely to pay on their own is critical to that
decision. PowerCurve Collections can handle these actions easily
using a cost-effective collections process that focuses on customer
satisfaction.
"Banks are faced with managing multiple collections systems …
and want to consolidate these systems into one integrated system.
The cost to service a delinquent loan was eight times the cost of
servicing a performing loan," said Craig
Focardi, principal executive advisor at CEB, now part of
Gartner. "Client interaction is expected to increase across
collections, loss mitigation, and foreclosure processes which leads
to more costly interactions. Failure to provide better service may
result in a loss of customer lifetime value. When successful, loan
collections helps retain customers to extend the customer lifecycle
and cross-sell additional products."
These new solutions complement the existing suite of Experian's
origination and customer management solutions that refine debt
management and improve collections performance.
About Experian
Experian® is the world's
leading global information services company. During life's big
moments — from buying a home or a car to sending a child to
college, to growing a business by connecting with new customers —
we empower consumers and our clients to manage their data with
confidence. We help individuals to take financial control and
access financial services, businesses to make smarter decisions and
thrive, lenders to lend more responsibly, and organizations to
prevent identity fraud and crime.
We have 17,000 people operating across 37 countries and every
day we're investing in new technologies, talented people and
innovation to help all our clients maximize every opportunity. We
are listed on the London Stock Exchange (EXPN) and are a
constituent of the FTSE 100 Index. Learn more at
www.experianplc.com or visit our global content hub at our global
news blog for the latest news and insights from the
company.
Experian and the Experian marks used herein are trademarks or
registered trademarks of Experian Information Solutions, Inc.
Other product and company names mentioned herein are the
property of their respective owners.
Contacts:
|
Kristie
Galvani
Rubenstein Public Relations
1 212 805
3005 kgalvani@rubensteinpr.com
|
Matt Tatham
Experian Public Relations
1 917 446 7227 matt.tatham@experian.com
|
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SOURCE Experian