In the News

Who’s Calling?: Augment Your Collections Strategy by Telling Consumers Who’s on the Line

Sep 11, 2023 Inside ARM

People don’t answer calls from unknown callers. Unsurprisingly, according to insideARM, the generally-regarded top reason established customers and new customers don’t answer calls is because they come from an unknown caller. Collectors report that roughly two-thirds of both new and existing customers don’t answer the phone because the call’s coming from an unknown caller. In fact, the answer rate for collections calls is sometimes as low as .5%.

But calling is still critical to a well-rounded, diverse collections strategy.

“It would be a very aggressive strategy change [to stop dialing],” says Mitchell Young, vice president, Diversified Markets, at TransUnion, adding, “I haven’t seen anyone doing that…”