In episode 368 Matthew Wratten, the CEO and founder of EverChain, discusses bringing technology to the debt buying and selling process and why this is good for the industry.
TrueAccord provides a data-driven debt collection platform; the company uses machine learning to communicate with consumers using the right channel at the right time; Ohad Samet, Chief Executive Officer stated, “It was the personal experience of dealing with a debt collector that made me realize the traditional collections industry was ripe for disruption with technology innovation and a more human approach. With changing consumer preferences, strong regulatory support for innovation, and clients who understand a customer-focused collection process is good for their business, we're experiencing tremendous demand from the market. We are seizing this opportunity to use machine learning to humanize debt collection for good.”; The round was led by Arbor Ventures Fund. Source
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The CFPB handles more than 84 thousand debt collection complaints in 2017; consumers also downloaded advice on settlement negotiations more than 800 thousand times; "From now on we will be working closely with the FTC to enforce the FDCPA while protecting the legal rights of all in a manner that is efficient, effective, and accountable,” acting Director Mulvaney said in a press release reported by American Banker; the CFPB and FTC filed more than 14 enforcement cases as a result of collections last year. Source.
Collectly has created an online debt collection platform that utilizes machine learning technology to track and learn about debtors through each interaction; the platform's technology connects with its clients to provide greater transparency on delinquent debt; the company also seeks to provide structured repayment terms for debtors through personalized communication. Source
The CEO and Co-Founder of TrueAccord discusses why a new data driven approach to debt collection is far more effective than traditional methods. Source
Indonesia’s p2p lending market has had a number of issues including very high interest rates, fraud, aggressive debt collection and...
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TrueAccord offers software which enables banks to negotiate debt payments with distressed borrowers; they are now launching a direct to...
For most people the debt collections experience is big burden and not something they want to discuss; TrueAccord is helping...