Market Research Report
Maximising Recovery Rates in Consumer Debt
|Published by||Timetric||Product code||242085|
|Published||Content info||95 Pages
During such difficult financial times, where the economic environment remains volatile, debt collection agencies can only rely on the methods and strategies that they employ to increase the rates of debt collection and recovery. Debt collectors are faced with a multitude of challenges: external economic pressure, consumers with rising delinquency rates who are also faced with multiple credit relationships, and increasing competition in the debt collection agency. Considering this, obtaining a deep understanding on the various strategies in collecting debt implemented in various countries is a must to help improve debt collection rates and contribute to a rapid recovery from the global economic crisis. Different countries address debt collection in a myriad of ways such as through field visits, a third party debt collector, buying and selling of debts, and regular and constant reminders via multiple communication channels. There are also some who utilise threats and send lawsuits. The wide variation of debt collection practises makes it even more important to study and analyse each one of them so as to obtain a deeper understanding of the debt collection industry, financial industry, and banking industry.