State and Federal regulators are placing a high emphasis on collection compliance. The work volume growth, and complexity of the work, caused by these tighter scrutiny's can be extremely concerning, as the cost of a compliance error can be significant. Would it be positive if your Collection and Recovery Software System enforced your rules and processes (Collection Policies) while automatically providing the documentation to help protect your institution?
Debt collections, powered by VQN, does this by allowing you to define all milestone events relative to your region (state) and monitoring those events. VQN automatically documents the events as well any deviations and brings attention to customers and accounts appropriately.
Do you have the ability to track and report on your accounts in a timely and helpful manner? Questions to ask yourself are:
Debt collections, powered by VQN, helps you with converting data into usable information by having all the appropriate information in a centralized data repository linked by the account numbers and customer identifiers. There are a variety of "baked in" reports as well as reporting tools (Crystal Reports, data warehouse, etc.) available.