Inside TransUnion’s New Debt Collections Industry Report

More than half of large debt collection companies are using AI, according to TransUnion’s new Debt Collections Industry Report. Among third-party collections agencies, 16% are using AI technologies to optimize their communications channels.

Manny Plasencia, head of TransUnion’s collections business, notes that the underlying data will determine how well those AI investments pay off. “Agencies have to understand that AI is a powerful tool, but its ability to deliver is highly dependent on the information it’s given,” said Plasencia. “It’s critical the AI is working with robust intelligence on the best channels and timing for contact to make their communications effective.”