What is Debt collection software?
Debt collection software represents the whole debt recovery program’s data set and operative plans, including the API. Such software can also contain debt analyser, report-printing functions, etc. The debt collection software gathers all debtors’ profiles in one place, consisting of their address, credit card information, current balance and a thorough report about subject of debt’s delinquent payments: amount, age of debt, etc. Its main role and function is the integration process of exchanging information between creditor and DCA (about debtors’ profiles, their location, contact details, additional information about their debts, etc.). Such process of sharing data is also known as BPO or business process outsourcing. Debt recovery software and API can be implemented for collecting both commercial (business-to-business) and consumer (individual) charge-off debts. Such software is mostly used by third-parties, i.e. debt collection agencies, which recover delinquent amounts on behalf of the original lender.