New Zealand Debt Collection Goes Virtual

New Zealand’s first online debt tendering website streamlines account recovery.

With easy credit all but wiped out and late payments on the increase, creditors are looking towards new solutions for recovery of delinquent accounts. An innovative 21st century solution designed by ‘New Zealand Blacklist’ not only provides a unique nationwide solution, but also streamlines the process in which creditors place delinquent accounts with third party services.

The NZ Blacklist website (www.nzblacklist.com) provides an efficient market mechanism for tendering bad debts or delinquent accounts. The site, free to use for creditors, was designed as an open, market-driven exchange that is crucial for efficient account placement to collection agencies. "NZ Blacklist will reduce costs, reduce collection cycle times, and expand the services of debt collection agencies for the benefit of creditors", said Marc Robinson, NZ Blacklist Director. "Using the latest Internet technology, NZ Blacklist will provide an efficiency and transparency unavailable in today's collections environment."

With a largely unregulated collections industry operating across New Zealand, creditors are presented an abundance and variety of choice when seeking a Credit Management and Collection services. Robinson, states “Accounts departments will generally have access to internet. NZ Blacklist provides an online network of debt collectors that is available to accounts departments and creditors at their convenience with NZ Blacklist acting as an online intermediary. With more than 40 Debt Collectors registered on the website located across the entire country, solutions can be found quickly and easily regardless of the creditors or debtors locations”.

The company states it is currently handling debts from one hundred dollars to half million dollar portfolios and that success rates are enhanced through the systems selection processes.

“By identifying collection agencies skill sets and strengths then linking them with the creditors needs, we enhance the chances of successful outcomes” Robinson says.

The website plans to further develop its web services in the near future, which also includes an Australian expansion. NZ Blacklist reports that enquiry levels to and from Australia have elevated significantly since the company started in early March and that they are actively discussing options for a similar system supporting both sides of the Tasman.

“We believe that NZ Blacklist is one of the most effective and economic solutions for placement of delinquent accounts and bad debts to third parties in New Zealand today” says Robinson.