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US 7,254,558 B2Granted
Method and system for prioritizing debt collections
AssigneeGE Corporate Financial Services, Inc.
InventorsBurl Shannon Hinkle, Jeffrey L. Grubb
Life of this patent
Estimating the term…
Abstract
A collections prioritization method and system for use in a financial services business is disclosed. The system is configured to generate a collection priority value from information stored on the system and queue the accounts for collection action based on the priority value and user entered filtering criteria. In one embodiment, the system is further configured to generate a report on the efficiency of collection by a collector.
Claims42
A system for prioritizing debt collections for a collector having customers with debt, the debt relating to an item acquired by a customer, said system comprising:
- at least one computer;
- a server configured to:
- receive data from the at least one computer relating to items associated with debt collections;
- generate a collection priority value for each item entered into said system, the collection priority value is based on a number of days past due for an item, a value of an item, a customer's total outstanding balance, a customer's credit score, a customer's internal payment history score, a number of days since action due date for an item, and a total number of open items for that customer, wherein the collection priority value is determined from the equation:
- PV
- =
- a
- 1
-
- x
- 1
- +
- a
- 2
-
- (
- log
-
- (
- x
- 2
- )
- )
- a
- 7
- +
- a
- 3
-
- [
- x
- 2
- (
- x
- 3
- y
- )
- ]
- +
- a
- 4
-
- x
- 4
- +
- a
- 5
-
- x
- 5
- +
- a
- 6
-
- x
- 6
- generate a collection prioritization for the items stored within said system based on the collection priority value assigned to each item;
- generate reports of collection activity associated with the items;
- and
- provide a queue of prioritized items to users to drive collection efforts;
- and
- a network interconnecting said server to said computers,
- where:
- x1=Number of Days Past Due for Item,
- x2=Value of Item,
- x3=Customer's Total Outstanding Balance,
- x4=Customer's Credit Score,
- x5=Customer's Internal Payment History Score,
- x6=Number of Days Since Action Due Date for Item,
- y=Total Number of Open Invoices for that Customer, and
- a1=Optimized Coefficient for x1,
- a2=Optimized Coefficient for x2,
- a3=Optimized Coefficient for x3,
- a4=Optimized Coefficient for x4,
- a5=Optimized Coefficient for x5,
- a6=Optimized Coefficient for x6, and
- a7=Optimized Coefficient for log(x2).
74 more elements
A system for prioritizing debt collections for a collector having customers with debt, the debt relating to an item acquired by a customer, said system comprising:
- means for receiving data relating to items associated with debt collections;
- means for producing a collection priority value for an item to be collected, the collection priority value is based on a number of days past due for an item, a value of an item, a customer's total outstanding balance, a customer's credit score, a customer's internal payment history's score, a number of days since action due date for an item,and a total number of open items for that customer, wherein the collectionpriority value is determined from the equation:
- PV
- =
- a
- 1
-
- x
- 1
- +
- a
- 2
-
- (
- log
-
- (
- x
- 2
- )
- )
- a
- 7
- +
- a
- 3
-
- [
- x
- 2
- (
- x
- 3
- y
- )
- ]
- +
- a
- 4
-
- x
- 4
- +
- a
- 5
-
- x
- 5
- +
- a
- 6
-
- x
- 6
- means for producing a collection priority queue based upon the collection priority value assigned to each item, the collection priority queue used for conducting collection activities;
- and
- means for producing a report regarding an outcome of collection activities;
- where:
- x1=Number of Days Past Due for Item,
- x2=Value of Item,
- x3=Customer's Total Outstanding Balance,
- x4=Customer's Credit Scores,
- x5=Customer's Internal Payment History Score,
- x6=Number of Days Since Action Due Date for Item,
- y=Total Number of Open Invoices for that Customer, and
- a1=Optimized Coefficient for x1,
- a2=Optimized Coefficient for x2,
- a2=Optimized Coefficient for x3,
- a4=Optimized Coefficient for x4,
- a5=Optimized Coefficient for x5,
- a6=Optimized Coefficient for x6, and
- a7=Optimized Coefficient for log(x2).
69 more elements
A method for prioritizing debt collections for a collector having customers with debt, the debt relating to at least one item acquired by a customer, said method comprising the steps of:
- uploading data to a computer relating to items associated with debt collections;
- and
- calculating a collection priority value for each item uploaded, the collection priority value is based on a number of days past due for an item, a value of an item, a customer's total outstanding balance, a customer's credit score, a customer's internal payment history score, a number of days since action due date for an item, and a total number of open items for that customer, wherein the collection priority value is determined from the equation:
- PV
- =
- a
- 1
-
- x
- 1
- +
- a
- 2
-
- (
- log
-
- (
- x
- 2
- )
- )
- a
- 7
- +
- a
- 3
-
- [
- x
- 2
- (
- x
- 3
- y
- )
- ]
- +
- a
- 4
-
- x
- 4
- +
- a
- 5
-
- x
- 5
- +
- a
- 6
-
- x
- 6
- generating a collection prioritization for the items uploaded based on the collection priority value calculated for each item;
- providing a queue of prioritized items to collectors to drive collection efforts;
- where:
- x1=Number of Days Past Due for Item,
- x2=Value of Item,
- x3=Customer's Total Outstanding Balance,
- x4=Customer's Credit Score,
- x5=Customer's Internal Payment History Score,
- x6=Number of Days Since Action Due Date for Item,
- y=Total Number of Open Invoices for that Customer, and
- a1=Optimized Coefficient for x1,
- a2=Optimized Coefficient for x1,
- a3=Optimized Coefficient for x3.
- a4=Optimized Coefficient for x4.
- a5=Optimized Coefficient for x5,
- a6=Optimized Coefficient for x6, and
- a7=Optimized Coefficient for log(x2).
69 more elements
A computer program embodied on a computer-readable medium for prioritizing debt collections for a collector having customers with debt, the debt relating to an item acquired by a customer, said program comprising at least one code segment that:
- records data relating to items associated with debt collections;
- generates a collection priority value for each item recorded, the collection priority value is based on a number of days past due for an item, a value of an item, a customer's total outstanding balance, a customer's credit score, a customer's internal payment history score, a number of days since action due date for an item, and a total number of open items for that customer, wherein the collection priority value is determined from the equation:
- PV
- =
- a
- 1
-
- x
- 1
- +
- a
- 2
-
- (
- log
-
- (
- x
- 2
- )
- )
- a
- 7
- +
- a
- 3
-
- [
- x
- 2
- (
- x
- 3
- y
- )
- ]
- +
- a
- 4
-
- x
- 4
- +
- a
- 5
-
- x
- 5
- +
- a
- 6
-
- x
- 6
- assigns a collection priority value to each item;
- and
- provides a queue of prioritized items to collectors to drive collection efforts based on the collection priority value assigned to each of the items
- where:
- x1=Number of Days Past Due for Item,
- x2=Value of Item,
- x3=Customer's Total Outstanding Balance,
- x4=Customer's Credit Score,
- x5=Customer's Internal Payment History Score,
- x6=Number of Days Since Action Due Date for Item,
- y=Total Number of Open Invoices for that Customer, and
- a1=Optimized Coefficient for x1,
- a2=Optimized Coefficient for x2,
- a3=Optimized Coefficient for x3,
- a4=Optimized Coefficient for x4,
- a5=Optimized Coefficient for x5,
- a6=Optimized Coefficient for x6, and
- a7=Optimized Coefficient for log(x2).
69 more elements
A system for prioritizing debt collections for a collector having customers with debt, the debt relating to an item acquired by a customer, said system comprising:
- at least one computer;
- a server configured to:
- receive data from the at least one computer relating to items associated with debt collections;
- generate a collection priority value for each item entered into said system, the collection priority value is based on a number of days past due for an item, a value of an item, a customer's total outstanding balance, a customer's credit score, a customer's internal payment history score, a number of days since action due date for an item, and a total number of open items for that customer, wherein the customer's internal payment history score is calculated from the equation:
- x
- 5
- =
- internal
-
-
- Payment
-
-
- History
-
-
- Score
- =
- 2.5
-
- [
- (
- z
- 1
- -
- x
- 1
- a
- )
-
- (
- z
- 1
- b
- )
- +
- (
- z
- 2
- c
- )
- ]
- Where
- ,
-
-
- z
- 1
- =
- (
- D
- 1
-
- (
- T
- 1
- +
- T
- 2
- +
- T
- 3
- )
- 9
-
- T
- 1
- +
- D
- 2
-
- (
- T
- 1
- +
- T
- 2
- +
- T
- 3
- )
- 9
-
- T
- 2
- +
- D
- 3
-
- (
- T
- 1
- +
- T
- 2
- +
- T
- 3
- )
- 9
-
- T
- 3
- )
- ,
-
- normalized
-
-
- average
-
-
- days
-
-
- late
- z
- 2
- =
- (
- [
- D
- 3
-
- log
-
- (
- T
- 3
- )
- -
- T
- 3
- T
- 2
-
- D
- 2
-
- log
-
- (
- T
- 2
- )
- ]
- +
- [
- D
- 2
-
- log
-
- (
- T
- 2
- )
- -
- T
- 2
- T
- 1
-
- D
- 1
-
- log
-
- (
- T
- 1
- )
- ]
- 2
- )
- ,
-
- days
-
-
- late
-
-
- trend
- generate a collection prioritization for the items stored within said system based on the collection priority value assigned to each item;
- generate reports of collection activity associated with the items;
- and
- provide a queue of prioritized items to users to drive collection efforts;
- and
- a network interconnecting said server to said computers,
- where:
- a=Worst case number of days beyond the customer's average number of days late,
- b=Worst case average days late caused by cyclic markets,
- c=Absolute value of the days late velocity from on period to another,
- T1=Current Period,
- T2=Previous Period,
- T3=Prior Period,
- D1=Current Period,
- D2=Previous Period, and
- D3=Prior Period.
197 more elements
Dependencies are inferred from the claim text.