First Party Collections

Enformion for First-Party Collections

Right party contact solutions for efficient debt recovery.

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Accurate – Efficient – Cost-Effective

Simplify First-Party Collections with Enformion complete solution

Skip Tracing with the most accurate and current contact information available:

  • Improve right party contact rates
  • Speed up the collections process
  • Verify individuals and businesses
  • Locate hard-to-find persons
  • Reduce manual investigative research
  • Close cases faster to save time and money
  • Mitigate fraud and risk management
  • Append your data to complete the profile of your investigation

Identify Public Record Data for special handling teams

  • Bankruptcy
  • Judgments
  • Liens
  • Deceased records

Many organization choose to utilize collections agencies to collect on outstanding debt.  However, for some companies, an in-house collections option work better.

This alternative, which the industry often calls first-party collections and uses your company’s own internal resources to collect on those debts. Here are a few ways that Enformion can help you create and solidify your first-party collections option for better response rates and less overall work.

Keeping Your Collections In-House

Many companies don’t want to outsource. When you outsource anything, you often reduce your profit and increase the time spent doing it. The same thing holds true with collections. Most companies outsource collections, however, because it seems like the only realistic option. The thing is, creating a dedicated collections arm within your company is possible.

  • The biggest edge third-party collections agencies have over your company is information.
  • Third-party collections agencies build their reputations on having as much information as possible.
  • With Enformion on your side, you won’t suffer from a lack of information; you have access to billions of public records covering nearly every adult in the United States.

Save Money

Profitability is usually the main measure people use when considering the success of a company. Whenever you save money on your end, you increase your profit margin, making it easier to report positive numbers to shareholders and other people in the company. First-party collections gives you that extra profitability you’ve been looking for.

  • You already have a working relationship with the people you’re pursuing, making them more likely to pay when you contact them.
  • When you have access to the same information as third-party collections agencies, you can do all the same things.
  • The skip tracing technology at Enformion gives you access to people’s records even if they’re intentionally trying to give you the slip.

Performing All Your Collections Efforts From One Hub

Collections is all about making sure every debt is paid. That includes debts that are regularly paid on time; one way or the other, you’re collecting on debt, even if that debt is paid exactly how and when you intended. You want your accounts receivable management, which processes accounts in good standing, to work together with bad debt accounts, which processes accounts in poor standing.

  • When you focus on first-party collections, you can process all of these from one central location.
  • You’re less likely to have problems when you can facilitate communication between different departments in your company.
  • The information at Enformion helps you locate and contact customers, while your internal information will be invaluable in knowing how to talk to those customers.

Building Your Reputation With Customers

Customers want to buy from a company they respect. You can build a good reputation with your customers by treating them thoughtfully every time you interact with them. If they receive a rude or unthoughtful call from an agency attempting to collect on a debt from your company, that may reflect poorly. Instead, Enformion can help you to contact them yourself.

Contact Us today for a FREE DEMO.

INSIGHTS AND EVENTS

WEBINAR

The State of Third-Party Collections 2019: Challenges, Trends and Innovations

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The State of Third-Party Collections 2019: Challenges, Trends and Innovations

CASE STUDIES

The State of Third-Party Collections 2019: Challenges, Trends and Innovations

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The State of Third-Party Collections 2019: Challenges, Trends and Innovations

Talk with a specialist today to learn how Enformion can help to customize a solution that’s right for you.

Call us at 1-855-281-3915, or via online today.