LexisNexis® Risk Solutions released its inaugural 2019 First Party Debt Collections Report, which shares a long-term vision of the debt collections market and insights into how collectors can optimize the customer experience, during both stable and turbulent economic times.
Editor's Note: This article originally appeared on LexisNexis Risk Solutions' website.
The findings stem from 20 in-depth interviews of first party debt collection industry participants.
According to a recent survey 1 from the National Association for Business Economics, 72% of economists predict that a recession will impact the U.S. economy by the end of 2021. Even in a relatively stable economy over the last two years, LexisNexis Risk Solutions noted an 18% increase in total collections transactions. Couple that with the fact that more than 8% of all credit users now have a debt in collections, an efficient collections department remains a major need for financial institutions in the US.
“If collection inquiries are rising in what currently seems like a steady economy, how will the industry fare if a recession hits?” said Sean Britt, senior director, collections and investigations, LexisNexis Risk Solutions. “With both the broader US economy and the collections industry in a state of flux, it’s never been more important for collectors to prioritize the customer experience, which means ensuring that collectors have the proper technologies and methodologies in place to adequately reach those customers." Click here to continue>>
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