MANILA, Philippines - June 20, 2020 - (Newswire.com)
Amid the global economic slowdown, Singapore-based debt management company Collectius embraces the innovative data-driven solutions provided by TransUnion to further strengthen its business operations in the Philippines. In its recent subscription to said services, Collectius was able to detect that as much as 46% of 318,000 consumers who had collection accounts have low to medium risk scores, which translates to high rates of recovery.
A trusted credit management servicing company employing fintech and innovation, Collectius continues to build its position as the preferred debt purchaser of consumer non-performing loans (NPLs) in the ASEAN region.
“With TransUnion, we become more intelligent. We have more accurate data, meaning our system can use the most effective strategy to support our customers to become debt-free again, adapting installment payment solutions to their capacity,” said Gustav Eriksson, Collectius Group founder and CEO.
Customers who have then successfully paid their obligations are given proof of settlement, and no further collections of the same may be executed. Their data is also updated with TransUnion, improving their credit score and bettering their chances of acquiring financial services such as loans from banks or other financial institutions so they can achieve their financial goals.
“TransUnion’s stringent data-quality standards and auditing processes ensure efficiency and effectiveness, providing businesses with a better understanding of consumers. This ultimately helps them make more informed decisions on who to trust,” said Pia Arellano, TransUnion Philippines president and CEO.
Gold Standard in Collection
The threat of COVID-19 notwithstanding, news of harassment and privacy breaches by online lending apps in the exercise of their collection policies maimed the industry. Whilst government agencies have ordered the shutdown of several of these apps, industry expert Collectius employs what it calls the “Collectius way of collections” — one that is rooted in good morals, compliance with local and international regulations, and a personalized approach.
Collectius ensures they end up more financially literate than before, gaining knowledge about the accumulation of interest and the different fees and structures that banks and creditors add as a result of an NPL, and fully grasp the advantages of becoming debt-free in the end. In the same way, TransUnion also champions responsible borrowing among consumers.
“While a collection account in one’s credit report negatively affects his credit score, it’s not a dead end. Apart from gaining back your credibility with financial institutions, settling obligations also helps the economy especially during trying times like this,” Arellano concluded.
More details here: https://www.collectius.com/post/collectius-x-transunion
Media Contact: press@collectius.com
Press Release Service by Newswire.com
Original Source: Collectius Taps TransUnion's Data-Driven Collection Solutions Amid Economic Slowdown Due to COVID-19
