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The Future of Debt Collection

Debt collectors are embracing a high-tech future as way of boosting payments. Forget letters and phone calls, collections agencies are moving on to adopt new, creative techniques. Collections company managers say their innovations will benefit consumers as well as the industry.

 

Ringless Voicemail

New software lets debt collectors insert voicemails into phones without actually ringing. Technically they aren’t even calls at all, but messages sent to phone companies’ servers that show up as voicemails. Ringless messages can mean people feel less ambushed and more in control, returning the call when it suits them. Some debt collectors say these unannounced voicemails work so well their call centers get flooded with inbound volume as debtors respond.

Animated Cartoons

Animated cartoon characters are serving as virtual debt collections agencies that save consumers the embarrassment of being hounded by real people. They show up in email inboxes and on collection agency websites, and they’re said to be three times more effective at talking debtors into making payments. These Avatars can be designed to speak multiple languages and evaluate debtors’ credit scores when negotiating payments.

Speech Analytics

When real people do make calls, innovations such as speech analytics programs can make this process easier. Advanced language-recognition programs not only track keywords during phone conversations but identify emotions, recognising when a debtor is upset and notifying management for help. Prompts from the software then help conversations get back on track.

While these high-tech advancements may be making the debt recovery process less stressful for some consumers, those who simply do not have the resources to make payments might still find themselves dreading bills and debt collection attempts. If you have an overwhelming debt try to get help early. Get some budget advice and see if you can negotiate repayments with the creditor.

AUTHOR

Dave Manville

All stories by: Dave Manville