Bohemia, NY (PRWEB) February 17, 2013
On February 17, accounts receivable collection agency Rapid Recovery Solution comments on a reported investment by Encore Capital Group.
According to an article from Market Watch, the company is trying to cut down on calls to debtors by introducing a new self-service website. The company's goals include investing “in cloud infrastructure that will support a new, self-service customer website, as well as predictive analytics software to better understand the dynamics of consumer debt.” The company is hoping to cut down on the number of phone calls that they make to debtors in order to reduce telecommunications costs. They also hope to gain insight into debtors' willingness and ability to pay off their debt.
Encore Capital Group buys consumer debts from other companies. The company said that normal trends are changing in the debt collection industry as more and more people are paying off their debts faster. “Defaults and delinquencies on consumer debt dropped from a peak of 10 percent to 12 percent during the 2008 recession to 2 percent to 3 percent today,” according to the article.
The new model that Encore Capital group is embracing will allow consumers that are in debt to pay it off at their own pace. The company also hopes to reduce claims of harassment from debtors.
John Monderine, CEO of the accounts receivable collections agency Rapid Recovery Solution, commented on the company’s innovation. “It’s a very smart idea,” he said. “If people feel like they have more control over when they can pay back their debt, I think they will be more likely to comply with the debt collectors.”
Monderine added that there is some downside to the strategy. “Some people may try to take advantage of this system and delay their payment,” he said. “In which case, debt collectors would have to rely on more traditional strategies such as making phone calls.”
Founded in 2006, Rapid Recovery Solution, Inc. is headquartered at the highest point of beautiful Long Island. Rapid Recovery Collection Agency is committed to recovering your funds. We believe that every debtor has the ability to pay if motivated correctly. We DO NOT alienate the debtors; we attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.