Dealing with Debt Collection as a ChallengeThrough Technology

Debt collection industry is a booming, but a struggling industry. Though the number of people taking debt is going uphill, debt collection businessessuffer ordeals of major financial losses every year.

Stats show that businesses from all around the U.S., place about$150 billion worth of debt with collection agencies. Out of which, these agencies are able to recover just $40 billion of the totalamount (source: Harry Strausser III, president of the Mid-Atlantic Collectors Association, 9/21/2011, in the Huffington Post).These statistics point at aburning need to address the reasonsthat lead to failure indebt collection.

The leading factors which results in unsuccessful collections is – law compliance failure.

Withan enormous number ofdebt seekers in the market, there is a neck-breaking pressure on debt collectorsto assure compliance. For this they need todevice better ways of debt collection and manage complexities, to enablemaximum recoveries.But in most of the cases, companies are not prepared to face these challenges and they go down in dearth ofa proper process. Hence, debt collectorsend up violating debt collection laws.

According to our experts at AgreeYa,

 “Most of the recoveries fail due to process inefficiencies through a case’s lifecycle and poor compliance. This needs to be dealt with a smart, third-party interface, which applies intelligence and specializes business processes that provide true cost savings, exceptional inventory management and process efficiencies”.

Cogent— The Technological Solution for Debt Collectors

The debt collection business will drumfire only if a proper procedure is followed, helping debt collector achieve an absolute compliance. Technology is the answer to this challenge, which enables regulatory compliance and a higher rate of successful debt collections. Cogent is that technology which can improve the collection landscape by optimizing performance and minimizing the loss.This technology is more persuasive than a debt collector who hasempathies. It keeps a better record of rules and procedures which you as a debt collector need to comply to.

Cogent is AgreeYa’s integrated, scalable, and flexible debtcollection software designed with creditors’ rights and compliance in mind. It makes debt collection processes easy for law firms by empowering them to control, manage, govern, and automate their collections and case management from end-to-end. It is there throughout thecustomer experience, by acting on all stages from — control over compliance and collections, instant return on investment, operational efficiency, increased productivity, cost reduction, and getting better visibility.

How Does it Work?

Helps you Meet Compliance Requirements

Cogentstores compliance related conditions and triggers action, which assures compliance with industry mandates in debt collection process, for the technology user.It has built-in warnings that sendsalerts to debt collector, based on CFPB/FDCPA regulatory. It also ensures adherence to the changing federal regulations, which keeps the debt collectors informed. As technology, Cogent arms people against transgression on the rules and mandates,saving them from a failure of debt recovery.

Cogent’s technology assures a meaningful attorney involvement through workflow automation in defining business requirements. Besides, it functions on an automated document verification process, which eliminates the possibilities of errors in manual processes. These factors together help in increasing collections and optimizing operations that stem through a seamless compliance.