Successful severe delinquency account debt recovery requires a savvy success strategy in today’s consumer-challenged and compliance-heavy collections world. Blackwell Recovery™, Concord’s proprietary late collections program, provides collaborative customer strategies coupled with full compliance to protect clients and maximize portfolio performance. Features and benefits include:
- Collaborative, customer-focused communications resulting in higher debt repayment;
- Customized collection plans based on unique requirements;
- Real-time reporting for current intel and collection strategy adjustments;
- Dedicated compliance team to comply with all federal, state, and other pertinent regulations;
- Data protection and compliance in a fully secure external data center;
- Multilingual staff located in the US and Mexico.
Saying Concord’s Blackwell Recovery does all this is one thing. Proving it is another. Notes a Blackwell Recovery client, whose pandemic-inspired engagement with Concord continues in today’s still-challenging environment:
“Even in a good economy, resolving delinquent accounts has its challenges. Add an unprecedented global health crisis and suddenly consumer pocketbooks at ALL levels of the economic spectrum are impacted. Households already strapped for cash are more strapped, and good paying customers experiencing furloughs and unemployment are now finding themselves in the delinquency category, perhaps for the first time ever. We needed to find a collections partner that would get creative and collaborate with us in posturing the right message, delivered at the right time to the right household, while still operating under the heightened regulatory environment to ensure our members are treated with a high degree of empathy. Our search led us straight to Blackwell Recovery and we are thrilled with the outcome.”
Concord’s Kyle Derry, Senior Vice President, Business Development and Implementation, points out this experience is indicative of Blackwell Recovery’s appeal across a broad base of industries, from energy efficiency and solar to timeshare and home improvement.
Derry emphasizes, “Because of Concord’s vast experience in loan servicing and portfolio management in multiple asset classes, our Blackwell Recovery team members are well positioned to share industry best practices with our clients. Blackwell’s experienced team of collectors use specific tactics and strategies to recover revenues for our clients while building customer relationships and loyalty—leading to enhanced reputations and portfolio performance.”
Concord President and Chief Revenue Officer Shaun O’Neill reinforces the importance of collaborative collections strategies used in Blackwell Recovery efforts. As he notes in his article published in LendIt Fintech News: “A combination of economic woes triggered by the pandemic, and exacerbated by weather-related catastrophes, makes kinder, gentler, more understanding collection policies good for portfolio performance. They’re likely to generate more revenue than a hardline approach, plus there’s the benefit of building longevity and loyalty with customers who like, trust and respect their ‘bill collectors’ instead of abhorring them.”
O’Neill cites three key tenets of Blackwell Recovery practices in the article:
1. Establish clear understandings and agreements. Being empathic and collaborative does not mean conveying the impression to consumers that they no longer need to take responsibility. One of the best ways to do this is the “fair and firm” approach with clear terms and incentives to follow through (e.g., adherence to an agreement that allows extended time to pay without penalties.)
2. Know all the rules to avoid legal, regulatory and reputation troubles. Staying on top of all applicable federal, state and local collection rules is a herculean, ever-changing challenge. As with any policies crossing multiple jurisdictions, there’s a need to comply with everything that is on the books or contemplated (e.g., there can be 300 pending bills at state levels at one time). In some cases, this creates conflicting rules and regulations that much be sorted out to ensure all applicable policies and protocols are followed.
3. Prepare for the long haul. Collaborative collections are here to stay. While some collectors may toughen up practices as the economy improves and restrictions ease, empirical evidence showing that portfolios perform best with customer service-oriented collection programs will be the guiding light. Further, such agencies as the federal Consumer Finance Protection Bureau are moving the world toward more consumer protections, so it makes maximum sense to address issues proactively instead of waiting for regulations to force the issue.