Patent ID: 7254558

Claim:
A system for prioritizing debt collections for a collector having customers with debt, the debt relating to an item acquired by a customer, said system comprising: at least one computer; a server configured to: receive data from the at least one computer relating to items associated with debt collections; generate a collection priority value for each item entered into said system, the collection priority value is based on a number of days past due for an item, a value of an item, a customer's total outstanding balance, a customer's credit score, a customer's internal payment history score, a number of days since action due date for an item, and a total number of open items for that customer, wherein the collection priority value is determined from the equation: PV = a 1 ⁢ x 1 + a 2 ⁢ ( log ⁢ ( x 2 ) ) a 7 + a 3 ⁡ [ x 2 ( x 3 y ) ] + a 4 ⁢ x 4 + a 5 ⁢ x 5 + a 6 ⁢ x 6 generate a collection prioritization for the items stored within said system based on the collection priority value assigned to each item; generate reports of collection activity associated with the items; and provide a queue of prioritized items to users to drive collection efforts; and a network interconnecting said server to said computers, where: x 1 =Number of Days Past Due for Item, x 2 =Value of Item, x 3 =Customer's Total Outstanding Balance, x 4 =Customer's Credit Score, x 5 =Customer's Internal Payment History Score, x 6 =Number of Days Since Action Due Date for Item, y=Total Number of Open Invoices for that Customer, and a 1 =Optimized Coefficient for x 1 , a 2 =Optimized Coefficient for x 2 , a 3 =Optimized Coefficient for x 3 , a 4 =Optimized Coefficient for x 4 , a 5 =Optimized Coefficient for x 5 , a 6 =Optimized Coefficient for x 6 , and a 7 =Optimized Coefficient for log(x 2 ).