Improving Debt Repayment Rates
Creditors and debt collection agencies work hard to collect debts they are owed. In situations with an undiscovered initial fraudulent application, or even lack of intent to pay, the likelihood of that success is poor - sometimes less than 10%.
For difficult-to-collect debts, all that time spent working to understand a debtor’s situation, negotiate settlements for less than the amount owed, or even extend terms gets wasted. While credit reports, employment stability, and financial reserves provide a good picture of both a borrower’s capacity to repay under re-negotiated terms, what they don’t sufficiently capture is their non-reported loan default history, or even their intent to make timely repayments. To improve your debt repayment rate, it is essential to have a comprehensive understanding of all the factors at play.
Build confidence across your ecosystem
Clearspeed gives teams a powerful new way to quickly determine who and what to trust. Our individualized and real-time assessments unlock a new way to understand potential debtor repayment risk. An intelligent trust layer, when and where you need it. Clients gain insight that gives you confidence needed to set new payment terms, and reduce the risk of continued non-payment.
Fast, individualized assessments
Clearspeed analyzes the responses to a short set of customized and automated yes-or-no questions for universal vocal characteristics known to be associated with risk. This delivers individualized insights of potential risk on a number of key areas where data is previously hard to verify or validate:
- Validation of existing accounts
- Improved compliance monitoring
- Assessment of payment likelihood
- Segmentation of debtors for tailored communication
- Customised negotiation strategies
- Predictive analytics for collection outcomes
- Increasing combined value of owned debt portfolios
Easy insertion into existing workflows
The Clearspeed voice-based risk assessment process starts with participants being presented with the Clearspeed questionnaire on any voice-enabled device. Clearspeed analyzes the participant’s vocal response to the case-specific question set, quickly identifying and scoring indicators associated with risk. Individualized results are then returned via API or available with the Clearspeed web app to inform next steps in routing.
Clearspeed Benefits
Get faster, more accurate determinations
• Get unique risk insights where data is either challenging to find, expensive to obtain, or lacks accuracy
• Clear or accelerate low-risk collections activities with confidence
• Forward individuals showing potential indicators of risk for more scrutiny
Boost equity and reliability
• Ensure consistent, fair outcomes across all individuals with objective and unbiased assessments
• Improve the experience for trustworthy debtors by eliminating unneeded investigation rigor
Optimize resources and investigation spend
• Reduce investigation cycles where trust is high
• Narrow focus on flagged risk indicators
“Finding and deploying new methods and approaches to stopping fraud while continuing to meet the service expectations of customers is essential. I’m really excited we will be working with Clearspeed as we seek to help our clients enhance the experience of their customers and up the ante in the fight against fraud.”
Learn how Clearspeed can help accelerate trust in your pre- and post-hiring screening processes.
Learn more at www.clearspeed.com
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