CollectWise
Automating consumer debt collection with AI
CollectWise automates consumer debt collection with AI. We’re outperforming collection firms by 2X and have successfully serviced over $2 million in debts. Our platform handles the entire late-stage recovery process, allowing creditors to recover debts that couldn’t be resolved through voluntary communications. CollectWise's AI agents automate pre-legal outreach, asset research, litigation, credit reporting, and enforcement actions like garnishments and liens.
Active Founders
Vivek Isukapalli, Founder
I’m currently the Co-Founder and CTO of CollectWise. In the past, I developed Fintech and AI products and studied Information Systems at Carnegie Mellon University.
Sean OBrien, Founder
I'm the co-founder and CEO of CollectWise. Before CollectWise, I worked on another fintech startup, ran a digital agency, and studied Computer Science + Finance at the University of Virginia.
Company Launches
TL;DR
CollectWise automates consumer debt collection with AI. Our platform handles the entire late-stage recovery process, allowing creditors to recover debts that couldn’t be resolved through voluntary communications like phone calls.
CollectWise's AI agents automate asset research, pre-legal outreach, litigation, credit reporting, and enforcement actions like garnishments and liens.
https://www.loom.com/share/15df08dce1ea492c911ee685aabf78e7?sid=9950e317-ec60-4d3a-9415-4529e0b1a723
The Problem
Late-stage debt collection is outdated, costly, and inefficient.
Collection agencies and law firms rely on thousands of staff and costly attorneys to handle tedious tasks like asset research, filing garnishments or liens, and following up with debtors or other involved parties. With over 70% of debt lawsuits ending in default judgments, these firms spend most of their time on repetitive, manual work with limited efficiency or data.
This leads to lower recovery rates, higher costs, and a poor consumer experience.
As a result, creditors lose billions annually in uncollected debts while incurring significantly higher collection costs. Debtors, in turn, pay more than they owe due to added legal and collection fees, making the debt resolution process both costly and stressful.
The Solution
CollectWise automates the entire late-stage debt collection process, enabling creditors to achieve 2X higher recovery rates while reducing costs by 50%.
Our platform provides both creditors and debtors with a more efficient, cost-effective, and modern debt resolution experience.
How It Works
1. Personalized Collection Strategies: Our continuous learning model researches and analyzes each debtor's financial profile, crafting tailored collection strategies for each individual.
2. Pre-Legal Recovery: CollectWise’s AI agents automate the entire pre-legal recovery process across every communication channel, handling tasks such as credit reporting and connecting each debtor with an attorney in the CollectWise legal network.
3. Automated Legal Actions: Our AI agents automate essential legal actions on behalf of the attorneys, including asset research, preparing litigation paperwork, and enforcing judgments such as garnishments or liens.
Interested In Learning More?
If you’d like to learn more, you can book a demo at collectwise.com or email us at founders@collectwise.com