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What is a Field
Chase?
We define a field contact as a
service which provides clients
the ability to
re-establish contact with delinquent consumers
so that
expected delinquency and loss expectations are reduced.
The actual location of each contact is specified by the
client at the time of assignment and could be either the
consumer’s residence or place of employment.
What is the
Purpose of a Field Chase?
Historically, field contact was
performed by local branch collection personnel with the
goal of resolving delinquent accounts and loss
mitigation. Today, most lenders have consolidated
operations into centralized lending and collection
servicing centers. While these centers provide
efficiency and scalability, many lenders still have the
need to make personalized field contact with delinquent,
non-responsive consumers. Additionally, liability and
cost issues of having employees perform field contacts
have fueled the trend to outsource this function to
highly skilled, licensed and bonded ERI professionals.
ERI Field Contact Value is realized
when the lender re-establishes contact with their
delinquent consumer and mitigates loss.
The following example highlights
the ERI Field Contact Value:
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Average Loss per
Repossession: $7500 or higher |
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Average Cost of
Repossession/Auction Fees: $700 or higher |
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Average cost per Field
Contact: $55 |
ERI Field
Contact Value/Savings: $8,145 or higher
Additional
client benefits realized during the field contact:
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Sign-up for website
self-service options: ACH payments, other
payment channels, e-statements |
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Customer authorization to
use their cell phone number as primary phone
contact |
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Any other request by client
to lower servicing costs or drive additional
revenue |
How do you
Measure Success on a Field Chase?
Our goal is
aligned with our clients:
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Increase right party contacts and deliver
results! |
Success is
measured by results. The key performance indictor (KPI)
for field contacts is:
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The
percentage of payments and communication with
the consumer after the field contact.
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The KPI for
field contacts varies by client based on information
given at assignment and portfolio quality. ERI will
establish benchmarks with each client so that you can
measure our results.
When should you
use a Field Chase?
Clients should
utilize EFS in early stages of delinquency such as first
payments defaults, high risk or high balance
accounts. Mid to Late stage delinquents may require a
pre-repossession, skip or collateral location field
contact. EFS will work closely with you to determine the
best strategy and effective use of our service. |
