Intrum Justitia

A pleasant approach, and Soliditet – Intrum Justitia’s recipe for success

Intrum Justitia’s credit work is mostly distinguished by a “back-to-front” approach, with the company endeavouring to find out which companies are capable of paying – not the other way round. And it does an excellent job, through its extensive, close collaboration with Soliditet.

A pleasant attitude always produces the best results in the long term – even in the debt recovery industry. A fact that Intrum Justitia, the largest credit management company in Sweden, and Europe, is keenly aware of.

“Ninety-nine per cent of our inbound calls are positive, often coming from those who want to ask a question, or suggest a repayment plan,” explains Laila Svahn, Head of Business Development at Justitia Sverige AB.

Justitia has come to realise that pursuing close cooperation and good relations with both customers and debtors increases its chances of getting paid. Everything which goes on at Intrum Justitia is permeated by its credit work, in which information supplied by Soliditet is combined with a substantial portion of the company’s own data. Most of this work is somewhat inverted; Justitia searches for companies who are able to pay – not the other way round.

“With help from credit information from Soliditet, we have developed our own Scoring model for companies and private individuals. The model provides a score between one and 100 – a percentage based likelihood of someone paying,” continues Svahn.

With 1.3 million cases being handled annually – in excess of 5,000 per day – Justitia places considerable focus on achieving a speedy workflow. Its debtor list is processed by Soliditet’s computer systems during their night shift, and by the time the morning coffee break comes around, Intrum Justitia has an updated score for each one.

“We usually contact the Swedish Enforcement Authority about the one with the highest score,” explains Svahn, by way of example. However, in the area of invoice purchase, and when it comes to new customers, Intrum deploys a more traditional approach to its credit work, primarily through help from the rating system and the analysis of annual accounts. Nevertheless, Intrum also makes certain ethical demands which its new customers are expected to satisfy.

“Ethics are the meat and drink of our organisation, and we are keen to avoid working with those who may at some time have acted unethically towards us, or their customers.”

Intrum Justitia has been working together with Soliditet for 10 years. But not just because it has become an established routine.

“No, we carefully scrutinise our various suppliers on an annual basis, undergoing new procurement processes. And up to now, no one else can measure up to what Soliditet has to offer,” she declares.

The collaboration is so close that Intrum Justitia offers assistance with Soliditet’s continued development. For example, Intrum can claim the credit for Soliditet’s subscription service to the updated bankruptcy register.

Facts about Intrum Justitia

Intrum Justitia Sverige AB is a service company operating within accounts receivable, invoicing, credit information and credit administration. With offices in Nacka, Gothenburg, Uppsala and Varberg, the company has 380 employees. In 2010, Intrum Justitia Sverige turned over upwards of SEK 500 million.

Intrum Justitia is Europe’s leading group providing services within credit administration. With around 3,100 employees in total, the Group operates units across 22 European countries and turned over approximately SEK 4.1 billion in 2010. Its head office is located in Nacka. The CEO and Group Chairman is Lars Wollung.

Feel free to read more at www.intrum.se

 

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