Loading...

The Future of Debt Collections

Published: February 18, 2021 by Laura Burrows

Dealing with challenges is part of the collections process. But in today’s economic environment, there are even more barriers to overcome. Since it is unclear how long the COVID-19 pandemic and associated financial stress will last, debt collection agencies and departments must evolve and refine their collections and recovery capabilities.

As you step into the new collections environment, it will be imperative to keep pace with shifting consumer behaviors and trends and properly react, adapt and engage. Recent data findings show that many consumers are still worried about their finances and ability to pay down existing debt:

  • Revolving Card Credit Line Increases (CLI) are up 78.4% overall1
  • Almost 3% of auto loans are 30+ Days Past Due (DPD)
  • 2% of unsecured personal loans are 30+ Days Past Due (DPD)
  • New account originations are up 0.8% overall

Download our latest white paper to discover more industry trends, outlooks for 2021, and the benefits of leveraging data and advanced analytics to develop better strategies, make more profitable decisions and better serve consumers in times of continued economic uncertainty.

Access white paper Learn more

1Findings from Experian’s Ascend Market Insights Dashboard, data based on number of accounts. Data refreshed: January 24, 2021.

Related Posts

...

Published: June 6, 2023 by admin

According to Experian data analysis and a recent study on unemployment insurance fraud, at least 25% of new claims are a result of identity theft.

Published: April 15, 2021 by Eric Thompson

It’s critical for credit unions to understand the specific threats presented by life online and be prepared with a fraud detection and prevention plan

Published: April 13, 2021 by Alison Kray

Subscription title for insights blog

Description for the insights blog here

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Categories title

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.

Subscription title 2

Description here
Subscribe Now

Text legacy

Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up one of the more obscure Latin words, consectetur, from a Lorem Ipsum passage, and going through the cites of the word in classical literature, discovered the undoubtable source.

recent post

Learn More Image