DEBT COLLECTION PAYMENTS | 7 MIN READ
5 Tools to Maximize Debt Collection Revenue During the 2020 Tax Refund Season
Although last year’s average refund of $2,869 was down 1.4% compared to the previous year, it’s still a sizable sum that provides many families a much-needed boost heading into summer.
It’s also a time to pay down credit card balances and settle past due balances.
With many creditors and debt collection agencies competing with summer vacation plans and the newest iPhone for this sudden influx of cash, timing is everything.
But to truly take advantage of this short tax season collection window, you’ll need to have your strategy in place.
Increasing call volume and mailings isn’t a strategy—you need the tools and technology that allow you to work smarter, not harder
Here’s 5 tools that act like “people multipliers” and every agency should have at their disposal
Propensity-To-Pay Model—predicts whether payment is likely from a delinquent consumer.
Liquidation Model—analyzes historical data to inform the expected value of accounts.
Omnichannel Model—Identifies the highest-yielding form of communication.
Time-Of-Day Model—matches each consumer with a preferred time to be called.
Every collection agency increases phone calls and mailings (on average 25%) during tax season. That’s standard operating procedure—it’s not a strategy. A strategy is optimizing this increase in activity to take full advantage of the tax season window.
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