How Debt Recovery Businesses Use Data
As with most industries, the debt recovery sector is harnessing the power of data to improve and streamline their operations. In this article, we’re going to be looking at the ways in which debt recovery businesses use data in 2022.
Like most businesses, debt recovery companies are always looking for ways to improve their operations. Whether it’s to make them more efficient and save money, or to improve their service, there’s plenty to consider. Because of this, many are turning to advanced tech and big data to help them do just that. In this article, we’re looking at how business debt recovery businesses use data in 2022.
What is a Debt Recovery Company?
When a business is owed money by an individual or a company, they will usually employ a debt collection or debt recovery company to help them to recoup their losses. A debt collection company will usually begin by calling or writing to the debtor to advise them of their repayment options, which may include paying the debt in installments. Debt recovery companies are used by a wide range of small and large organisations in the UK, including the government. The UK debt recovery industry is valued at a staggering £1.9 billion, with yearly increases of around 17.5% in the last few years. If the debtor fails to comply with repayment, the debt recovery company may then threaten legal action or visit the debtor’s premises in order to seize goods to the value of the debt.
How do Debt Recovery Businesses Use Data?
Debt recovery companies use data in a few ways and, in this section, we’ll take a look at some of these: