San Francisco-based TrueAccord will announce new funding on Sept. 16, the company told Auto Finance News. Online lenders boasting “alternative” models have gained traction with investors, but the collection sector has seen little innovation. TrueAccord is an online-only debt collector that aims to use cooperation rather than coercion to recover funds from borrowers. According to TrueAccord Chief Executive Ohad Samet, 60% of collectors do not accept online payments. “We’re looking to be transparent, less confrontational, and frictionless for customers,” he said. Samet described debt collection as an extension of customer care. TrueAccord uses behavioral science and software that learns from data to predict customer preferences and build profiles of debtors. These profiles, in turn, help companies understand how best to work with debtors and, ideally, to retain them as customers.
