Companies like banks, hospitals, student lenders, credit card companies etc sell their debts to debt collection agencies for pennies on the dollar. Debt collectors then tracks down the debtors and uses all sorts of unkind and cruel ways to collect the debts. People feel very bad with such kind of harsh process. So, thinking on debtors point of view, ‘TrueAccord’ company has started a new kind of friendly approach in collecting the debts. The CEO of the company Mr.Samet says that “speak to people’s values, rather than having the biggest stick.”
TrueAccord doesn’t refer to people as debtors but they call them as customers. It uses behavioral engineering and defined algorithm to make decision on what type of notification a customer gets depending on factors like age, hometown, type of email they use, and how responsive they’ve been to past correspondence, thus making the collections into a recovery and reconciliation process, rather than a confrontation.