The Fair Isaac Corporation has released a revamped edition of its debt collection software that the data company said will be easier and less expensive to deploy and use.
"FICO Debt Manager 8.0 is much more than a product upgrade," said David Lightfoot, FICO vice president of decision management products. "We rebuilt it completely to address the new reality that lenders face in trying to collect what they are owed, avoid charge-offs and reduce attrition. Lenders can expect to see real productivity gains as well as strategic advantage from deploying this new product."
The company said the new package interface makes the product "easier to learn and use than its predecessors, resulting in significant productivity improvement. The system eliminates the need for overnight batch processing, which will help collectors avoid down-time or calling on customers whose payments have posted that day."