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Improving Collections Recovery Rates
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Who's Getting Paid During the Subprime Crisis
Equifax studied the degree to which the Employment Indicator separates collection performance within recovery score ranges. Results correlate verified employment with higher collections recovery rates.
When comparing the payment activity of 1.2 million consumers who opened mortgages over a two-year period, Equifax discovered a surprising trend in the payment hierarchy.
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Collecting outstanding debt poses tremendous challenges when the credit market contracts, unemployment rates rise and legislators scrutinize recovery measures. Determining consumer's capacity to pay, as well as compliance with industry legislation, are as vital to your collections goals as accurate contact information. Equifax has the data and tools you need to develop and execute cost-effective collections strategies that meet regulatory requirements.
Equifax Collections Services can help you not only locate debtors, but efficiently manage your entire collections portfolio. Use our reliable credit data, recovery scores, The Work Number ® employment and income verification, and other differentiated data to segment accounts by capacity and propensity to pay.
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Employment is an Indicator of Collection Potential* Equifax developed a custom recovery model for a major nationwide collector of charged-off credit card debt, appending an employment indicator to the model validation sample. Using the employment indicator subject file, Equifax compared the performance of individuals reported as "employed" with those who were not. Findings indicated those individuals who were employed consistently demonstrated significantly higher recovery propensities, including higher percentages of dollars collected and higher average payment amounts. |
How can I better prioritize collection activities?
Assess customer accounts for collectibility or reassignment using The Work Number for employment verification and propensity/capacity-to-pay tools.
How can I improve recovery rates?
Verify identities, locate and contact hard-to-find debtors with fresh contact information from Equifax's unique data sources.
How can I reduce write-offs and maximize productivity?
Automate the entire collections process for more cost-effective operations and improved skip-tracing.
For more information about our Collections services, please call 1-888-202-4025.
* "Improving Collections Recovery Rates with Employment Data Integration" White Paper
Why use Equifax
As the needs of our customers have evolved, so have we. Expanding on our role as the trusted steward of credit data, Equifax has grown into the leading provider of technology-and analytics-fueled information solutions.