Scrubbing an account when it is assigned to your business to ensure it is legal to collect and profitable to work is commonplace in the collection industry. However, we live in a fast-paced world so, what happens when the status of the account changes after it is assigned?
One proven answer is account monitoring. For those unfamiliar with this concept, let’s break down what it is and how it can work to your benefit.
Account monitoring provides the view into what is going on with your accounts all the time. When an account on your system becomes part of a bankruptcy, litigious, past statute, or deceased, you won’t waste your time or money working the account or being worried about compliance, because the system will alert you to the account’s status change. This alert can be used as a trigger to automate cancellation of an account or work the account differently.
A few examples of account monitoring are:
An account that has been on your system for 60 days becomes part of a consumer's bankruptcy. With account monitoring, the system identifies the bankruptcy, updates the account, and using the update as a trigger, moves the account to another queue for evaluation.
An account that has been on your system for 30 days is flagged as having a litigious consumer. The account monitoring identifies the account as litigious and cancels the account per your organization’s strategy.
Account monitoring helps to handle these types of scenarios to allow for companies to continue operation smoothly, with less staff, and without fear.
Since monitoring accounts has been around for years, it is low-cost, flexible on what is monitored, and has proven effectiveness. If you want to stay on top of accounts that become past statute, bankrupt, deceased, or litigious account monitoring may be a good solution for you.
For those curious about how this works or have further questions, feel free to reach out to an Intelitech associate.