Debt Manager 7 arrives at a time when financial institutions are actively seeking ways to minimize loan losses, mortgage foreclosures and credit card write-offs, which are on the rise globally. In the US, the Federal Reserve reports that 30+ day delinquencies are up 25 percent for credit cards and over 90 percent for residential loans. Debt Manager 7 enables resource-constrained lending institutions to manage a greater number of delinquent customers quickly without the need for additional collections staff.
“Financial institutions are facing a dual threat: unprecedented numbers of delinquencies and serious internal resource constraints,” said David Lightfoot, vice president, product management at Fair Isaac. “Debt Manager 7 can pinpoint the area of greatest ROI for allocating collections resources, and then work out an optimal arrangement with the customer on the first attempt.”
More specifically, Debt Manager 7 incorporates Fair Isaac Collection Scores, allowing collectors to prioritize delinquent customers based on risk, so collection time and resources can be allocated toward the customers that are most likely to respond.
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