If you have been contacted by any of the collection agency services in Houston, in 2023, this blog is just for you. Many people who have been contacted by such agencies claimed it was not a great experience. There are always bad apples in a basket but most people have a negative view of collection agencies. But, in the last decade, a lot of changes have taken place within the debt collection process that you may not be aware of. These changes have made the process of debt collection simpler for both ends. So, if you think an agency is about to contact or has contacted you. Do not worry! Annoying collectors are a thing of the past now!
With the advent of AI (Artificial Intelligence) in the collection agency services have made sure that debtors do not receive annoying calls, emails, etc. Everything has gotten more automated. It is the machine that you are in contact with and not scary debt collectors!
In the USA, according to the BCFP Annual Report, more than 80,000 debtors were complaining about debt collectors. Most of them were a plea for help to turn away from unpaid dues but the situation has changed a lot with AI. Companies like Nelson, Cooper & Ortiz LLC, among others, have been using innovative AI methods to deal with their clients.
Want to know more about these changes? Read on.
What Changes Did AI Bring in the World of Business Debt Collection?
Let’s look at the business debt collection in detail:
- Solved Irresponsibility
- AI is Ethics Driven Technology
1. Solved Irresponsibility
Well, it is not false to say that there are irresponsible players on both ends of the debt collection process. Some collectors are too hard and some debtors are negligent. Previously it resulted in a lot of tussles and even lawsuits were filed. The original creditor was the most affected one in this scenario. He/She did not get back their dues on time and sometimes lost their old clients too. The situation became worse when some small companies in Houston had to close down due to the lack of cash and huge impending dues.
Since all the best commercial collection agency has applied the latest AI technology to continue their collection process, you do not have to feel threatened anymore. If you have been contacted by any collector, instead of panicking, take a breath! They will use all modern ethical ways to collect the dues from you. They will be willing to take all your suggestions regarding payment methods and negotiations. The meeting dates, plans, and understanding can get recorded and documented safely with AI. Now, none of the parties can say that they had been ‘tricked’ or ‘manipulated’. Everything is stored as proof in case of miscommunication.
The most number of complaints that CFBC received at the beginning of the early 2000s were regarding phone calls. Debtors complained that their everyday life was getting interrupted.
They felt that their privacy was being compromised. When the best collection agency Houston started using the AI methods, documentation helped them to create better communication. Which debtor is free at what time, etc. was all noted down. Some agents also customized the AI-driven gadgets and tools to set an alarm to call their debtors. This way, both parties could speak freely. The lawsuits filed against collectors have also lessened over the years.
2. AI is Ethics Driven Technology
Sounds a bit silly, but it is the truth. Debtors felt that a commercial collection firm lacked basic good sense and morality. They used to be more driven to extract money instead of establishing a neutral way in both the debtors and they could be happy. Although the consensus said that most reputed business collection agencies have communicated politely with the clients but that did not stop debtors from complaining. But with AI-driven technology methods, there is no scope for both parties to take advantage of each other.
- Now, the communication is smoother with all kinds of client personalities.
- No personal contact is ‘private’. Everything gets recorded as a part of the proof.
- It has improved the experience of collection for both the agencies and the debtors.
So, if you have been contacted by collectors, do not worry. In most cases, the original credit while searching for a ‘collection agency near me, has chosen a reputed AI-driven one. After all, they don’t want to lose you as a client! It has been estimated that this technology will see great heights and by 2025 all of the debt collection will go digital!