Collections strategy

Understand who is most likely to pay, how much to collect and how.
 

When a customer misses a payment, what do you do? How do you discover who’s made an honest mistake and just needs a reminder, and who’s doggedly dodging payments and needs a visit from the bailiffs or a trip to the courts?

Without a structured and effective collections strategy, you may only realise a fraction of what your debtors owe your business. By segmenting your debtors into groups, you can avoid the wasted effort and potential reputational damage that comes with piecemeal collections activity.
 

Why choose Equifax?

By cross-referencing your records with our data and scorecards, we can help you determine whether each debtor:

• Is paying defaults elsewhere in the industry and for how much
• Has any previous court activity – satisfied or not
• Is being pursued for debts by other organisations
• Is actively chasing any other lines of credit
• Is likely to repay, become insolvent, or go bankrupt in the future
• Can’t pay their debt to you, or won’t.

Armed with that information, you can easily work out who you can collect from with the least fuss, and who will require a bit more effort – allowing you to allocate your collections resources sensibly, understand whether a settlement or payment plan is appropriate, how much to set the collection target at for different customers – all focused towards collecting the highest possible proportion of what you’re owed.