Control Over Compliance and Collections
Cogent has regulatory alerts or controls to ensure FDCPA and/or CFPB Compliance. Inherent to Cogent there are FDCPA warnings that alert a user every time they open a claim that has a potential violation. The alerts include the description of the potential violation – bankruptcy, statute of limitations, adverse attorney, etc. Cogent stores dispute and hardship information within the debtor demographics, such as: dispute date and fraud/dispute reason, incarcerated, limited income, etc.
Accelerated Return On Investment
Cogent makes your Business effective and drive ROI . The Cogent solution is easy for Collectors to use and offers a variety of features for Collection Managers. Its customizable workflow lets you drive your inventory and ensure your team works the most profitable accounts.It helps track the performance of purchased portfolio and predict business outcome. Through workflow automation, Cogent is able to evaluate the imported data to determine next steps whereby the user must only review the exceptions. Cogent can streamline processes by moving claims along that are eligible to move forward with scrubs, calls, and letters. This allows improved efficiency when dealing with client requirements in timelines for calls and letters. This efficiency is customizable to a firm’s specific needs and can vary based upon claim criteria, client requirements, and firm preferences.
Cogent provides operational benefits through improving organization’s processes like payment allocation, collection, correspondence, litigation, judgement posting, customer interaction, payment posting, placements import, by way of automated workflow and access to tools. More than 750+ conditions and 150 actions and multiple actions that help you define, evaluate and perform processes.
Cogent Workflow Automation increases efficiencies and accuracy by removing subjectivity and manual interventions, and establishing specific rules that are enforced by the software. The rules engine keeps the right accounts in front of the right users, at the right time. So accounts that are performing well move along without the need for anyone to work them – allowing your staff to focus on the exceptions in a timely fashion.
Cogent combines unmatched engineering expertise with debt industry experience to offer unique third-party interfaces with selected business partners. Leveraging cutting-edge technology, Cogent provides “SMART” interfaces that apply intelligence and specialized business processes to your collections procedures—helping you achieve valuable cost savings, accuracy and more efficient inventory management.
COGENT’s allows Management to control when and what types of tasks are presented to your different staff members to work. Driven by COGENT’s Priority Definitions, accounts are presented based on a task or tasks that are due in combination with hundreds of other variables such as claim score values, debtor CBR score, balance amount, client, portfolio batch and much more. Queues can be set up at both the team and individual level and can be modified in real time giving you the ability to react immediately to updated data, shifting priorities or client demands.