Probate Recoveries Featuring Top Credit Card Issuer

At a Glance

The process for identifying and collecting deceased accounts at a top US bank was split between Phillips & Cohen and another vendor. When the bank sought a single, dedicated partner to manage deceased accounts across its pre- and post-charge-off portfolios, it was looking for a solution that was both compassionate and thorough, while conforming to comprehensive internal process requirements and improving revenue performance.

At the bank’s request, and due to concerns that accounts were not being properly identified, Phillips & Cohen conducted a review of the existing approach. Leveraging its proprietary internal database and access to external databases, the review surfaced critical missing data, including dates of death. Based on these findings, the bank selected Phillips & Cohen as its sole vendor.

Following the transition to Phillips & Cohen as the single, specialized partner, a unified process was implemented to treat deceased accounts across both pre- and post-charge-off portfolios. Phillips & Cohen’s approach increased deceased account identification by nearly 10% (adding tens of thousands of accounts annually) and improved collections by more than 12% – all without increasing internal resources.