Collections (Debt collections)
Collections is the function that recovers money owed when borrowers fall behind. Good collections is customer-centric: it contacts people early, understands why they have missed a payment, and agrees affordable, sustainable arrangements rather than applying pressure.
Modern collections segments customers by situation and likely outcome, uses the channels people actually respond to, and offers self-serve arrangements. Under the Consumer Duty, outcomes for customers in difficulty are closely scrutinised.
Preventing arrears in the first place, by predicting and fixing failing payments, reduces the need for collections at all.
Credit Canary builds collections into one platform for UK lenders, with the data and decisioning behind it.
Missed PaymentsSee collections in a working platform
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