Data-Driven Decision-making for Debt Collection
Blog: Oracle BPM
When a consumer defaults on a debt, a third-party debt collector often collects the debt obligation rather than the lender to whom the debt is originally owed. As per Congressional research services (https://sgp.fas.org/crs/misc/R46477.pdf) as of 2020, there are nearly 7,000 collection agencies in the United States, and the industry’s annual revenue is about $13.4 billion.
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