Payoff, Encore to Try Using Games to Reduce Distressed Debt
Encore Capital, which purchases consumer debt, is partnering with Payoff.com, a personalized finance motivation company, to provide elements of gaming and goal setting to help distressed consumers improve their financial health. The partnership brings together the efforts of a number of entities that purchase, collect and study consumer debt.
Payoff.com aims to make personal finance social and “fun” through rewards and goal setting that help consumers view their finances differently, and in a way that’s designed to change behaviors. Encore Capital Group (ECPG) provides debt management and recovery solutions for consumers and property owners. It purchases portfolios of consumer debt from banks, credit unions and utilities — and partners with consumers as they repay. Through a subsidiary, Propel Financial Services, Encore assists property owners who are delinquent on property taxes by structuring payment plans. Encore has also created the Consumer Credit Research Institute, a collaboration with academia that uses tools from psychology, economics and neuroscience to study how consumers make financial decisions.
To read the full article on American Banker, click here.