ATLANTA – The effects of the Great Recession coupled with heightened compliance regulations continue to challenge debt buyers, collections agencies and other credit and collections professionals. The third-party collections industry as a whole has contracted significantly over the last six years. It is truly a survival-of-the-fittest business environment. LexisNexis® Risk Solutions’ commitment to the collections industry is evident through its continued investment in products and solutions that enable the industry to operate more efficiently so that market participants can experience business growth.
Today LexisNexis Risk Solutions announced the issuance of a new patent for LexisNexis® Phone Score, which powers many LexisNexis® phone solutions, that is a light at the end of the tunnel for credit and collections professionals eager to grow their businesses.
In an independent study, LexisNexis phone solutions outpaced competitors by substantial margins. This new technology helps LexisNexis phone solutions to achieve the highest rate of right party contacts and outpaces the next best performing company regardless of how many phones the client receives. And the products powered by LexisNexis Phone Score are available as batch and/or online process, making them easy to access. For collections agencies to be successful they must be able to reach the debtor to negotiate payment solutions. If a debtor’s telephone number isn’t accurate, the agency cannot contact, thus collect from, them.
“Collections agencies are leaving money on the table because it takes them three sometimes four calls to reach the right person,” said Mark Luber, vice president, Global Product Management, LexisNexis Risk Solutions. “Phone Score streamlines that process to connect agencies the first time whenever possible. In today’s collections environment agencies can achieve business growth through highly refined operational efficiencies. It is possible to achieve growth despite tough regulatory conditions.”
Sean Britt, senior director, Receivables Management, LexisNexis Risk Solutions said: “What differentiates Phone Score and enables our customers to operate efficiently are the analytics and logic on the backend. We combine expansive data, open-source technology, and analytic linking to ensure that we can match a phone number to a consumer with a high degree of certainty.”
Are you ready to start growing your business again? Contact Sean Britt to test your current provider against LexisNexis Risk Solutions at email@example.com.
About LexisNexis Risk Solutions
LexisNexis Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information and analytics for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.
Senior Director, Global Communications