For over 15 years, Harvest has been building custom recovery solutions for creditors and debt buyers taking into account macro and micro economic factors and designing programs specifically to meet client objectives while keeping compliance at the forefront.
A comprehensive collection strategy includes plans for all stages, including litigation management. A strategic litigation program is even more essential in a time of economic uncertainty and even more rigorous federal oversight. Litigation is a critical operational tool to help create stability and predictability within your recoveries while becoming the most compliant way to mitigate risk while driving return.
In the absence of a plan and effective management to carry it out, performance inefficiencies and risk exposure become everpresent. To reduce risk and maximize opportunity, creditors should ensure effective performance management and compliance oversight from their entire litigation strategy. Harvest Strategy Group has spent decades honing the skills to drive true net lift while mitigating risk.
Scoring & Strategy
Unlike traditional voluntary collection strategies, litigation is a strategy that involves a cost expenditure. The key to a strategic litigation program is to drive true net lift. And to drive true net lift, managing costs is paramount. Harvest’s ProScoreTM Portfolio Analysis is a proprietary tool that is instrumental in designing recovery strategies. It is a return-on-cost model that takes into account fixed and variable attributes and assigns accounts into a decile-based scoring system with 10 being the most optimal for litigation.
Collection litigation decisions should be informed with key data points. A strong technology engine designed to handle the bulky data records of large portfolios goes a long way toward creating a scoring and strategy process that works. Harvest’s ProScoreTM Portfolio Analysis drives data-rich segmentation, scoring, and strategy for creditors’ receivables portfolios. Litigation is a process with many moving parts, so ongoing data application is important to success.
Harvest Strategy Group handles litigation management for creditors with optimized operations. Hands-on, end-to-end audit and oversight prevents and manages potential loose ends that could lead to significant risk and loss. Our team is built specifically for this process, allowing creditors to focus on their core business with the peace of mind that both compliance and performance are being actively managed by professionals. Through our vendor audit process and collaborative communications, we actively ensure all compliance processes and KPI metrics are performing appropriately to expectations.
Our team’s experience, singular focus and specialized expertise allow us to design custom-fit strategies for a variety of portfolios and clients. We work with our clients to build a mutually agreed upon work-plan, and then balance efficient, cost-saving processes with keen attention to the nuanced details of state-specific and client-specific processes and procedures to hold our network of attorneys accountable to execute that plan. Our issuer and debt buyer clients recognize the direct benefit of our specialized legal experience with tools such as ProScore and customized document management and affidavit platforms.
Our issuer and debt buyer clients also recognize the benefits of a carefully crafted and maintained legal network that is constantly evolving to meet the immediate needs of our clients while supporting the future needs of a constantly evolving creditor landscape. We maintain long-standing relationships with many of the firms in our network and work tirelessly to canvas the country to find not only the best-run firms but the most compliant and forward-thinking.
Building a network of partners is an extensive process including standardized onboarding, audit, and reporting processes as well as ongoing relationship maintenance. Law firms appreciate working with clients such as Harvest due to the reliable flow of work without the necessity to source new clients.
Running in parallel to managing performance is a comprehensive compliance and oversight process that was designed to mirror the intent and depth of a CFPB review. Annual visits are conducted and each firm is assessed a risk score, further ensuring that Harvest maintains a network representative of the best-run firms.
Harvest Strategy Group is an easy choice for your litigation management. For a no-cost, no-obligation ProScore trial or to discuss how our account management services can help you manage your receivables, contact:
Jamie Welsh, VP, Business Development
About Harvest Strategy Group
Harvest Strategy Group provides single-point-of-contact, nationwide recovery management services for banks, finance companies, debt buyers, and credit unions. The company fosters an entrepreneurial environment and encourages its staff to challenge boundaries, think outside the box, and feel a sense of ownership and accountability for results. Pete Klipa and the Harvest team’s mission is to lead the accounts receivable management industry through strength in partnerships, exceptional service, and the delivery of superior results. To join the team, apply to Harvest Strategy Group online.