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Innovation in Debt Recovery

Horizon’s in-house debt recovery team is a brilliant example of how our values help drive market-leading results in all facets of our business. 

As a company, we pride ourselves on providing superior customer service. That commitment doesn’t stop when residents move out of our communities, which is why Horizon broke the industry mold and developed an in-house debt recovery service. 

 At Horizon, we use The Pledge of Excellence to achieve the best possible results—an approach that’s best served by handling business functions internally with our own teams. Based on our understanding of each debtor’s preferences and circumstances, we’re able to offer customized payment plans, negotiate settlements, and effectively communicate relevant information. We work together to reach a conclusion without negatively impacting their credit or rental history, providing as helpful an experience as possible throughout the process. 

Additionally, Horizon Debt Recovery provides support to help customers improve their financial literacy. Our positive interactions with past residents help maintain a strong relationship with our customers and ensure long-term success. Our continued goal is to seek unique solutions to increase the rate of successful recoveries while enhancing the overall experience for past residents. 

 The department started as an idea after assessing the state of debt collections across our portfolio. Horizon officially launched an internal debt recovery department in July 2018 with the stated goal of recovering overdue payments, enhancing financial performance, and maintaining healthy relationships with past residents. 

Today, the department is leading the market by focusing on maximizing in-house revenue before the debt is turned over to a third-party collection agency, where nearly 40% of revenue is lost. We accomplish this by using innovative tools like multi-channel communication, a self-service portal, digital payment solutions, automated payment plans, and personalized debt resolutions. We avoid a one-size-fits-all approach—instead, we maintain consistent, transparent communication with debtors regarding their balance, the consequences of non-payment, and available resolution options. Debtors can access their information through their self-service portal anytime, anywhere, which empowers them to manage their debt more effectively. 

 Finally, our partnership with Pay Ready allows us to manage our debt in a centralized location for all of our properties. As first-party collectors, we have the advantage of knowing our properties and we utilize that knowledge to provide superior customer service and deliver on our promise to residents both present and past. 

 Our debt recovery team is just one example of innovation at Horizon. Join us as an investor or as a Horizon teammate, and stay tuned for more exciting updates!