24.11.10 | Fraudscreen launches Collections Healthcheck
First party fraud prevention company, Fraudscreen, is today announcing the roll-out of a new service to help consumer businesses develop more effective debt collection and recovery strategies, reduce bad debt and the risk of first party fraud.
The Collections Healthcheck is a fixed price, low-cost consultancy service that provides a written review detailing priorities for improvement – all designed to improve the efficiency of a creditor’s collections and recoveries operations.
Covering key areas such as business goals, management information, staffing issues, governance and controls, operational processes, cost control and profit opportunities, the Collections Heathcheck provides an accurate snapshot of a client’s collections and recoveries work helping them to make informed decisions about which collections and recoveries cases to prioritise, and the most effective and appropriate approach to take for individual debt segments.
Knowing where to focus efforts, and which debts to collect internally and which to outsource, can help companies achieve significant cost savings and maintain positive customer relationships.
With total UK personal debt standing at £1,455bn and UK banks and building societies writing off £10.9bn of loans to individuals in the last 12 months , nine out of ten UK companies recording a rise in bad debt , and first party fraud costing the private sector £2.6bn per year , there has never been a better time for businesses to review their procedures for dealing with outstanding debt and first party fraud.
The Collections Healthcheck service is delivered by a team headed by Peter Taylor, Fraudscreen’s credit and collections director, who has over 20 years experience in credit risk, collections and recoveries.
Peter Taylor, said: “This is a critical time for companies to take stock of their credit recovery collections strategy. Businesses put a great deal of time and effort into profiling their audiences to market their products effectively, but often fail to take advantage of this level of profiling in collections and recoveries.
“Through the Healthcheck we can help businesses to use more behavioural profiling, identify quick wins, manage customer relationships more fairly and profitably, and develop a strategic approach to recovering debt – providing a significant competitive advantage at a time when personal debt and bad debt risk is increasing across the board.”
