Traditional debt collection practices do not provide as much insight and use manual processes that are prone to create risk and result in errors. This results in substandard collection yields and higher costs. In addition, the regulatory environment is complex and ever-changing; new rules from The Bureau of Consumer Financial Protection (CFPB) come into effect later this year, which focus on debt collection communications and the practices of debt collectors.
In this paper, we explore how to build a digital debt collection strategy that reduces costs and increases successful collections. It reveals how a digital approach can enhance the customer experience and ensure compliance at every step.