Solutions for every step of the debt collection workflow Get the right information to guide you through your legal collection process. PAYMETRIX eliminates the guesswork involved in account decision-making. A sophisticated prosecution decision tool prioritizes court recovery decisions, optimizes costs and maximizes return on investment. Identify and prioritize legal collection decisions With the rise of TCPA lawsuits in the debt collection industry, it is more important than ever to stay up to date with the latest information on this law. By harnessing the power of data and advanced analytics, LexisNexis` collection and retrieval solutions push the limits of your internal resources to create an efficient environment from the beginning to the end of your collections workflow, including: 1. Different data between systems Many banks and credit unions use at least two separate systems to conduct their business. one for banking and the other for debt collection. Other platforms can be used to supplement the data and make decisions. Some banks even have different platforms for each product line (e.g. end, credit cards, mortgages, vehicles). The collections landscape continues to change. In today`s ever-fluctuating economy, the number of accounts spent on debt collection and the amount of debt that is allocated to collection are increasing. At the same time, people are changing addresses, phone numbers, and employers more often than ever before in history, making the art of collecting payments increasingly complex.
Some of the current collection and recovery tools used by banks can cause more resistance than buoyancy. You can spend huge amounts of time without accumulating debt. LexisNexis Risk Solutions can help. How can an effective debt collection process contribute to financial inclusion? Accelerate collection results with alternative data You can reach out to customers with overdue accounts early and use multiple channels (emails, phone calls, SMS, letters, door-to-door) to increase collections. And instead of searching for mountains of data from multiple sources, you can access reliable and relevant data through multiple delivery channels such as online, batch, or XML. Then, get to work quickly to get in touch with failing accounts. This is about maximizing the collection of bad debts without wasting unnecessary resources while complying with compliance policies and legislation. Our solutions are based on proven debt collection strategies. They take into account important factors such as initial availability and even take into account a consumer`s willingness to pay at each stage of the collection process. You can follow various collection decision workflows based on Fair Credit Reporting Act (FCRA) compliant data to ensure that you are operating in full compliance with the law and using the correct information for authorized purposes. LexisNexis Risk Solutions solves these challenges and ultimately increases cash flow by providing a single banking and collections system that integrates and updates your data in real time and provides real-time scoring and analytics.
Managing deceased cases is an important part of the debt collection lifecycle. Understanding options for dealing with deceased customers is an essential part of any collection process. Our collection and collection solutions help you identify more touchpoints for the right parties and increase workflow efficiency and cost-effectiveness at every stage of the collections process. The right debt collection tools can significantly increase your financial return. They allow you to segment debts, prioritize accounts for payment collection, and focus your efforts and resources where you are most successful without engaging in unfair practices. Learn how changes in government policy affect collections. 2. System Inefficiencies Using more than one system for collections is time-consuming. Collectors must manually compare information from one system to another to determine what data is accurate and up-to-date in the event of a dispute.
The role consumers play in shaping the collection landscape. What is the impact of credit card debt on debt collection? Improve collection outcomes across the collection continuum through a more robust collection strategy. Whether you`re tasked with improving collection rates, tracking late payments, or reducing your growing debt portfolio, LRC is here to help. And as the cost of tracking overdue payments continues to rise in this post-COVID economy, LRC will reduce your administrative burden and internal costs with our proven collection and litigation services. These systems are rarely able to communicate information in both directions, which can lead to different information between these systems concerning the same consumer. What information is up-to-date and correct? This problem is only exacerbated by the different roles within these institutions – cashiers and tax collectors are part of two completely different departments, so information in one system may be up-to-date due to a recent transaction, while data in the other system remains outdated. The fraud study infographic highlights the perceptions of 800 fraud prevention professionals on cross-industry fraud prevention trends and practices. Learn how LexisNexis® RiskView™ provides lenders with robust alternative data to better predict credit risk and ensure compliance. Faster solutions, superior customer and user experience, and brand protection. In a recent case study, Education Assistance Services, Inc. Increase productivity by at least 40% with LexisNexis Accurint for Collections by partnering with LexisNexis Risk Solutions.
Collectors often find that they have to use multiple resources to supplement the internal data provided by management. This is the only way to gather the most complete and up-to-date consumer information possible. But visiting these different resources (login, search, data comparison) takes time. Some debt collection services use outdated systems built in-house. They are slow and have inconsistencies. They contribute to the inefficiency of the analysis and delay in providing the necessary information. A deeper look at the key determinants of creditor decision-making processes.