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Pre-Debt Alerts
Using Advanced AI and Machine Learning, Pre-Debt Alerts proactively reduces your risk of a debt occurring.
Delivered through our JetStream clean room match solution.
Introducing Pre-Debt Alerts
The current process
Once a debt remains unpaid, regulatory practice requires that a utility first sends a first reminder, usually by letter, email or SMS to prompt payment prior to escalation. If no response is received a final reminder is sent with notice of further action. If still no response s forthcoming, then an offer of support and repayment plans are offered to avoid disconnection. If nonpayment persists only, then can the debt be handed to either in house debt recovery teams or to 3rd party debt collection agents. Finally, if the debt remains unpaid then it can be transferred to credit agencies or a written off by the utility.
The process takes months, and during this time the individual has moved home long before making them difficult to trace and the risk of recovery highly unlikely.
The problem
Utility companies and local councils are struggling with an unprecedented increase in unpaid bills and debt arears due to the increase in the cost of living. OFGEM estimates that a large percentage of this debt is created when an individual moves home prior to settling any outstanding arrears.
A New and Better Pre-Debt Solution
Data Heads are pleased to announce the launch of their new Pre-Debt Alerts.
This proactive solution will significantly reduce the risk of debt escalating to the point of needing recovery by providing an immediate alert against a customer who has a high propensity to incur a debt.
It enables the utility to take a proactive approach to ensuring that all outstanding bills are settled prior to the customer moving out of their property.
This can save significant amounts for the utility and prevent the customer from running the risk of incurring high interest on unpaid sums if not settled. It also helps avoid the possibility of court proceedings, poor credit ratings, and CCJs.
Pre-Debt Alerts uses AI and Machine Learning to create a unique and accurate score against your customer base highlighting, individuals who have a high propensity to incur a debt when moving home. We then provide a daily alert when the customers property goes on the market for sale or rent in order that you can take immediate action to ensure all outstanding arrears are settled prior to the move taking place.
Using our JetStream clean room data match solution, the whole process can take place without you ever having to share or move your customer data outside your own secure account. For more information on JetStream please visit www.Jetstream-solutions.co.uk
For more information on Pre-Debt Alerts or to arrange a meeting with us to explain exactly how we create our Pre-Debt Alert algorithm and how JetStream enables the proactive move alerts in a true clean room environment, please contact us using the form below.
We are currently offering a low cost 3-month trial so you can start taking a proactive approach to the increasing problem of utility debt.
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