Debt Recovery Assessment Software

 

When it comes to debtors, you have to perform a debt recovery assessment to determine probability of payment.

Debt Recovery Assessments

As a collection agency or debt collector, you need to perform a debt recovery assessment whenever you get a new group of overdue payment records. This will help you prioritize the accounts to pursue – like those with the highest payment potential – thereby improving efficiency and increasing collections and debt recovery. Enformion’s Data Recovery Assessment Software provides the current, in-depth data you need to streamline your debt recovery, collection success, and compliance.

Assess and segment
Payment propensity
Monitor changes
Customize and prioritize your workload

Assess and segment

Reaching out to customers is one of the most resource-intensive tasks your collection agency performs and one that's not always efficient. More accounts mean more resources contacting consumers, which can put a strain on your resources. But the good news is that you can take the guesswork out of which accounts to contact fast.

With Enformion's batch processing, you can assess and segment your consumers into groups for easy collections. The tool reveals consumers legally shielded from the collection process, like those actively serving in the military or in bankruptcy. It also flags consumers with a history of litigiousness. In this way, you can determine the accounts to target fast and those to avoid, saving you resources and potential lawsuits.

  • It’s important that you know who to target first so you can allocate your resources properly.
  • With the right tools, a collection agency can target easy-to-find people differently than people you’ll have a harder time locating.
  • With Enformion, you can utilize batch processing to return general information results on people you believe you’ll be able to locate easily.

Payment propensity

The payment propensity model predicts whether someone can repay a debt. It is a powerful way to determine who is most likely to pay off their debt and, under what circumstances, among your debtors. The model assesses several positive indicators (like assets, property owned, etc.) and negative indicators (like foreclosures, bankruptcies, etc.).

Enformion Debt Recovery Assessment Software provides tools to help you quickly access data sets that can inform your debt recovery and collection decisions. Learn critical details like the debtor's eligibility for a repayment plan, debtor's ability to repay, and possible payoff amounts with our tools.

Monitor changes

Some customers can suddenly stop payment and fall into delinquent status. But there are moments to indicate they might be worthy of your collection efforts. Enformion data alert monitors daily activities and alerts you of new contact details and changes that show financial improvement and the ability to pay. It removes the guesswork from your collection efforts, boosts right-party contact, and helps you improve your profitability.

Enformion's tool can update you whenever there's a change in consumer data. For example, it will alert you when an account applies for a mortgage or pays off a credit card, etc. The shifts in credit activity can indicate higher or lower chances of recovery, enabling you to quickly reprioritize your resources and reach accounts for payment earlier in the collection cycle.

  • By using your resources wisely, you have more time to focus on the things you have to do on your own, like actually contacting people and collecting.
  • Enformion has built-in capabilities for data alerting, which means you essentially automate these tasks

Customize and prioritize your workload

Once you segment your consumers, prioritization will help you determine the accounts to focus your efforts on. The fact is some accounts are easy to locate, while others are elusive. Prioritization tools by Enformion assess credit data, predictive characteristics, analysis, and event monitoring, to disclose accounts that are more likely to pay. This provides insights into which accounts to focus on fast – those that will generate the greatest liquidation rates.

Frequently Asked Questions

What industries can Enformion help with debt recovery?

Enformion Data Recovery Assessment Software can help collection agencies, debt collectors, debt buyers, insurance firms, financial institutions, and corporations with their debt collection and recovery efforts

What does Debt Recovery Assessment software show?

Debt recovery assessment software provides data like assets, judgments, liens, and bankruptcy that give you insights into someone’s likelihood or ability to repay their debt. The software also provides information that will help you locate and contact debtors, as well as show uncollectible records like death records, so you don’t waste resources on an account that can’t or won’t pay.

What is a debt recovery assessment?

It involves assessing and segmenting your accounts, identifying payment propensity, monitoring changes, and customizing and prioritizing your collection workload.

What is payment propensity?

Payment propensity helps identify consumers with the greatest likelihood of paying off their debt. Debt recovery assessment determines this by looking at positive indicators like assets, property owned, etc., and negative ones like bankruptcies, foreclosures, etc.

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