With consumer delinquencies on the rise across-the-board—from credit cards to home mortgages—smart financial institutions are employing innovative collection techniques to decrease charge-offs and have a significant impact on their income statements.

One of the more advanced methods is a Web-based solution that holds the promise of enabling financial institutions to improve collections while reducing the cost to collect. A relatively new tool, virtual collections technology is available with varying levels of functionality from a number of companies.

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