Fair Isaac releases Debt Manager 6.0

Source: Fair Isaac

Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision technology, announced today the release and immediate availability of Debt Manager solution 6.0.

The new version of Fair Isaac's end-to-end collections and recovery software provides businesses in financial services, telecommunications, utilities and government with a more efficient and customer-centric approach to managing consumer debt.

Debt Manager solution is an integrated, highly flexible workflow management platform capable of managing delinquent accounts at both the customer and account level. It addresses all phases of the debt lifecycle - from early collections through to recoveries, agency placement, litigation, bankruptcy, and asset repossession, management and disposal. The average Debt Manager client can create a double-digit improvement in their return on collection activities.

"Given recent increases in delinquency rates, combined with the revision of bankruptcy law, banks are turning their attention to collections and recovery," said Jim Eckenrode, Vice President, Banking and Payments Research, at leading analyst firm TowerGroup. "And, as with originations, streamlined workflow processes that ensure compliance and shorten processing timeframes, combined with a customer-centric approach to borrower data across all relationships with the bank, are improvements that allow lenders to provide a more appropriate and responsive treatment to their collections and recovery activities. The end result is a more profitable loan portfolio across the organization and more loyal customers."

Version 6.0 introduces valuable new innovations, including daytime account processing through Routers, the system's rule-based workflow engine. This capability allows collectors to fast-track their collections and recovery processes instead of relying on nightly batch processing. Debt Manager 6.0 also offers client-centric, preconfigured web collection screens which provide collectors with a comprehensive view of the debtor and related accounts. This new feature helps minimize charge-offs and increase recoveries of all delinquent accounts while eliminating the need for multiple contacts and activities.

"Debt Manager continues to set the ground rules for effectiveness and efficiency in the collections and recovery industry," said Dale Williams, vice president of Collections and Recovery Solutions at Fair Isaac. "The new functionality provides our financial services and debt servicing clients with streamlined information required to execute a collection strategy for the entire customer relationship, resulting in improved collections rates and a quick return on investment."

Other technical enhancements in Debt Manager 6.0 include:

  • Call Scripting - Client-definable scripts including account data such as debt type, status, etc., can be utilized for new collectors to shorten their learning curve, standardize collector processes and ensure adherence to compliance rules.
  • User Definable Area - A new collection screen area that can be client-defined during the implementation process reduces implementation cost by minimizing the need for custom screen development.
  • Standard Application Program Interfaces (API) - A new set of APIs allows easy integration of third-party data and applications with Debt Manager. The APIs are independent of Debt Manager's user interface (client/server or web), decreasing implementation costs and time.

Debt Manager 6.0 also features language localization features, including Double Byte Character Set that will be particularly beneficial to clients and prospects in the Asia-Pacific region.

The Debt Manager solution is available as an in-house system or can be hosted remotely from one of Fair Isaac's data centers. The solution is highly scalable and capable of managing millions of accounts with thousands of concurrent users operating at a single site or across multiple locations. Integrated with Fair Isaac's BridgeLink network and advanced analytics, Debt Manager is the most sophisticated collections and recovery solution available on the market.

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