Swift Advances have recently engaged the services of leading UK debt collection services agency Wescot Credit Services to assist them in tracing customers for a remediation exercise.
In a one-off exercise, Swift was seeking to identify some 2000 customers who had repaid loans, but were eligible for the issue of small refunds. Wescot Credit Services were able to provide valuable assistance via their Locate range of products and services. Within just a couple of weeks Wescot Credit Services delivered a positive trace on around 80% of the customers in question, which a spokesman for Swift confirmed had “substantially exceeded our expectations” ensuring they have now “repaid the customers and closed down a very successful exercise”.
Tracing and contact products have become an essential element of customer service, and remediation as a resolution to historic process issues also plays a significant part of the modern debt collection philosophy, shifting focus to the principles of TCF, or Treating Customers Fairly. Wescot Credit Services are experts in trace activity and lead generation, and working from within originator’s contact cycles they are able to reconnect with customers who have disappeared, where contact has been lost, or where location and residency verification is required.
Simon Armitage, Product Development Director for Wescot Credit Services commented that “we appreciate the world is changing in terms of client requirements for tracing products, originators are no longer willing to simply take risks using non-validated data. Through our extensive range of lead generation and trace products and services, we were able to tailor a solution to Swift’s requirements and deliver results that exceeded their expectations”. Helping customers like Swift to proactively identify customers for refund cements the Wescot Credit Services commitment to ensuring TCF models are championed across their business, and those of their clients.
About Wescot Credit Services
Owned since 2005 by Venture Capitalists Alchemy Partners, Wescot Credit Services have over 40 year’s experience in the debt collections market. With 3 operating sites in the UK staffed by 650 employees, Wescot Credit Services have a firm foothold UK, and all their operations are based here. Managing £8bn of customer assets, Wescot Credit Services provide reconnect and recover services, and early sales and retention activities for a range of high profile clients. Wescot Credit Services have developed long term relationships in a partnership style with leading names in the telecoms, media and utility sectors. Wescot Credit Services are also highly regarded by the UK banks, in which market they hold a significant share of business. Compliance is critical for Wescot Credit Services, and they are proactive in developing an approach to creating a new FCA framework that is fit for purpose and with a TCF model at its core.