According to Investopedia.com, recovery rate is defined as the extent to which principal and accrued interest on defaulted debt can be recovered, expressed as a percentage of face value.
Though we may not like it, debt is often a necessary part of life, meaning there's absolutely no shame in borrowing from time-to-time. Unfortunately, many people find themselves in these financial situations simply because they do not know how to handle the collection process. When this happens, debt just continues to pile up, leading to negative outcomes.
Advancements in technology have left a massive impact on the business world, and this is no different for the collection industry. Technology has made it easier for collectors to stay up-to-date by tracking the status of unresolved accounts, contact debtors, and, collect payments. No matter what your business goals are—to collect, gather insights, gather questions answered, or all of the above–odds are that technology has streamlined the process including remote agents, chatbots, and online bill pay.