Revolutionizing Debt Recovery, TrueAccord – Industry-Leading Collection Platform Enhanced by Machine Learning and User-Friendly Digital Experience

Imagine yourself draped in a superhero cape, armed with a formidable weapon—the ultimate debt collection system that effortlessly handles overdue invoices like a masterful stroke through butter. It sounds extraordinary, doesn't it? Prepare to be amazed as we unveil the incredible capabilities of this software, making the daunting task of debt collection a seamless process. But before we delve into the specifics, let's take a moment to acknowledge the challenges faced by debt collectors using the traditional manual approach.

Chasing after customers who conveniently overlook their unpaid bills often feels like an endless game of hide-and-seek with a master of disappearance. Over the years, debt collections have evolved significantly, transitioning from a mere back-office function to a crucial operation that significantly impacts the CFO’s office. Optimizing working capital and closely monitoring cash flows to mitigate bad debt have become top priorities for CFOs. Proactive collections teams possess the potential to revolutionize collection strategies and drive substantial business growth.

TrueAccord stands at the forefront of digital collections, setting the industry standard with its innovative approach. By prioritizing exceptional user experiences, the company delivers outstanding debt collection outcomes for businesses. Their cutting-edge machine learning platform is designed to adapt to consumer behavior, employing personalized and empathetic communications to present the most suitable payment options, precisely when and where they are needed.

TrueAccord collaborates with leading financial institutions, large-scale enterprises, and emerging businesses, aiding them in recovering billions in lost revenue. The company's expertise has positively impacted over 20 million consumers, spanning major banks, issuers, eCommerce entities, and direct lenders. Through TrueAccord's services, hundreds of thousands of individuals have successfully resolved their debts, benefitting from convenient payment plans, tailored billing schedules, and straightforward documentation processes.

Q. Why TrueAccord?

TrueAccord stands out in the realm of debt collections by harnessing the power of machine learning and digital technology to deliver a tailored, self-serve experience that not only enhances consumer engagement but also yields industry-leading results. Their digital platform is not only efficient but also fully compliant, capable of seamlessly scaling to handle collections of any volume.

What sets TrueAccord apart is their approach to debt collections. Instead of relying on generic outreach methods or call-based campaigns, they utilize their patented machine learning engine, HeartBeat, to craft personalized journeys for each consumer. This engine continually optimizes the messaging, outreach timing, and communication frequency, ensuring optimal performance. Through a flexible and intuitive digital portal, consumers are empowered and in control, leading to commitments that are more likely to endure.

Impressively, 96% of TrueAccord consumers who resolve their debts do so entirely through self-service, without the need for human interaction. This remarkable achievement highlights the effectiveness of their approach. Moreover, their platform's scalability is noteworthy; it can handle collections of any size, at any time of the year, and is resilient even in the face of external events or unforeseen circumstances.

TrueAccord's solution is more than just a technological advancement; it represents a modern paradigm in debt collections. By engaging with consumers at the right time, place, and channel, they create a positive experience for consumers while delivering exceptional results. Regardless of your organization's technical requirements, TrueAccord offers not only the tools but also the expertise to facilitate a seamless onboarding process.

The TrueAccord Difference

Harness industry-defining AI: TrueAccord solutions are powered by Heartbeat — a patented machine learning platform — to dynamically optimize the next best touchpoint for every consumer in real-time.

Plug and play: TrueAccord’s first-party solution comes pre-configured with everything you need to start collecting at scale: deliverability, a self-optimizing machine learning engine, code-based compliance, and digital expertise to drive engagement and commitment. No model building or tuning required.

Don’t change a thing: TrueAccord’s platform quickly and easily integrates with all of your agent tools and workflows – no painful migrations or “rip and replace” to get up and running.

Boost liquidation rates: Dynamically personalize every step of the consumer journey across digital channels (like email, SMS, voicemail drops, and Facebook), giving consumers tools to self-serve, and ensure that they’re successful once they commit to plans.

Make consumer experience your competitive edge: Harness TrueAccord’s consumer-centric, code-based compliance approach and reputation to protect your brand, lower legal and reputational risk, and work with consumers who want to resolve their debts.

Stay one step ahead: Flexibly scale across any debt volume and monetize any type of debt with a solution built on engagement insights from millions of consumers – and powered by code-based compliance.

Collections Compliance

TrueAccord is a licensed, bonded, and insured collection agency in all jurisdictions where they collect. Their legal team follows developments in regulations and case law to develop policies and procedures according to their constant changes. They ensure complete compliance control, auditability and real-time updates for changing rules and regulations. Their digital collections process is controlled by code, ensuring that all regulatory requirements are met, while still being flexible to quickly adjust to new rules and case law.

TrueAccord’s data security and IT policies are built to satisfy the requirements of the most security-sensitive financial institutions. Their infrastructure is designed to provide the highest level of protection for your customers’ personal data. Their system’s security and performance is constantly monitored by an extensive network of surveillance systems. Changes to the infrastructure, software and data are monitored, logged and reviewed.

About | Mark Ravanesi

Mark Ravanesi is the Chief Executive Officer of TrueAccord. He prior has worked as Director at Bridgeforce LLC; Collections Strategy, Reporting, and Analytics Leader at GE Capital; and Director of Collections Strategy at Discover Financial Services. Mr. Ravanesi attended the Arizona State University.