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Rather than a simple view of performance based upon a recovery rate as a percentage of total inventory, best practice suggests that performance is more accurately reflected in vintage batch liquidation and peer group comparisons to the liquidation curve. In a nutshell, differences in inventory aging and the liquidation curve. Historically, collection agencies would provide their clients with better performance reporting than their clients had available to them.
Clients would know how much business was placed in aggregate, but not by specific vintage relating to the month or year of placement.
If you follow a sound process, you will minimize the losses from companies liquidating.
This lack of visibility into liquidation performance created another issue.
How do you compare the performance of two different agencies without understanding the age of the inventory and how it is liquidating?
As you complete your internal collection process, don’t hesitate to escalate accounts to third party collections.
If you hear that a company is liquidating and they are not proactively communicating with you, it necessitates referring the customer account to collections immediately. If you don’t have time to employ your internal collection processes, then don’t hesitate to contact us for assistance with precollection services through General Auditing Bureau or direct third party collections through Receivables Control.
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This is why the vintage batch liquidation model is the clear-cut best practice for analysis and MI.