Collect While Staying Within the Fine Lines of Regulation

Don’t let bad or incomplete data derail your ability to maintain collections compliance.

Collections Compliance

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Smart, Efficient and Compliant. Who Says You Can’t Have It All?

How well are you managing the fine points of collection compliance? If you don’t know certain details about a consumer, you run the risk of illegal contact. Even the kind of data you use and the way you use it can run afoul of regulation. Working with vendors doesn’t absolve you from accountability. You’ll be held responsible for any noncompliant practices they engage in.

LexisNexis® Risk Solutions simplifies collections compliance so you can focus on efficient debt recovery. Our comprehensive decisioning workflow guides your team on how to correctly use FCRA-regulated data sets to prioritize accounts and determine ability to repay. In addition, we leverage unmatched data resources and advanced linking capabilities to provide a suite of tools that help you avoid some of the most common collections regulation pitfalls.

Accelerate Your Collections Workflow

Your collections success hinges on your ability to track down right-party contacts. Unfortunately, that’s often not easy to do, especially when consumers don’t want to be found. Adding to the challenge is that wireless phones have become increasingly common. The regulations surrounding collections — specifically calling mobile phone numbers — are complex.

LexisNexis® Accurint® for Collections: Contact and Locate Workflow encompasses powerful tools that streamline skip trace efforts while staying within compliance guidelines. These robust solutions incorporate wireless content as well as multiple search options to help you find people and businesses with fewer clicks.

Gain instant access to public and proprietary data from thousands of proven sources delivered to you in a succinct, rank-ordered output. Reduce wrong-party contacts with intuitive searches and links to critical consumer details. The Contact and Locate Workflow drives efficiency and profitability by simplifying skip-tracing research while helping you avoid regulatory missteps.

Gain insights into consumers to prioritize collections


Repayment ability

Determine ability
to repay

Repayment plan eligibility

Evaluate eligibility for repayment plan

Feasible repayment payoff amounts

Recommend
payoff amounts

Prioritize collections accounts

Prioritize accounts
to increase collections


When chasing consumers for collection, there’s no sense investing time and resources if the consumer has no ability to repay what they owe, especially when you have other consumers who do have the means. But how can you know up front which accounts to prioritize for collections?

The LexisNexis® Accurint® for Collections Decisioning Workflow streamlines access to FCRA-regulated data sets and key searches to help you: determine consumer’s ability to repay, evaluate a consumer’s eligibility for repayment plan, recommend payoff amounts, and prioritize accounts to increase collections.

Not every consumer deserves the same level of attention. With the insight gathered from the Decisioning Workflow, you know where to focus your energies to maximize collections.

The Decisioning Workflow delivers compliant data from thousands of proven sources in a concise, rank-ordered output so you can make informed collections decisions. Smarter searches with access to critical consumer details are the key to an efficient collections strategy.

Stay on Top of Bankruptcy Cases To Speed Recoveries

Image of auditor in action

When pursuing consumers who’ve filed bankruptcy, you need to stay abreast of important developments across the lifecycle of the bankruptcy, including filings, assets, dismissals, discharges and other bankruptcy events that affect your ability to collect.

Throughout the process, you need to be mindful of the Automatic Stay, that period of time in which all collection activities must be suspended. Violations could result in you having to pay compensatory damages, reimbursement of the consumer’s attorney fees or punitive damages.

LexisNexis® Banko® Events Monitoring makes it easy to stay on top of key developments while remaining in compliance. It accesses millions of bankruptcy records and combines that information with LexisNexis® advanced data matching and linking technology to generate automatic alerts on over 600 unique bankruptcy-related events. Then you can review only the dockets you need to see and only when you receive notifications.

With automated monitoring, you save countless hours over manual investigation. And you get real-time visibility into bankruptcy cases so you can:

Recovery opportunities     Take advantage of recovery opportunities      for faster repayment
Finding assets and redemptions    Reduce loss exposure by finding Notice of 
   Assets and Redemptions sooner
Minimize error and omissions    Minimize errors and omissions caused by       manual processing
Maintain bankruptcy collections compliance
   Stay in compliance with bankruptcy                 collection regulations
 

LexisNexis® Banko® Solutions goes hand-in-hand with Banko Events Monitoring to help you stay current with the status of your accounts so you can recover debt. Through data scrubbing and automated notification, you’re able to streamline case management, reduce operational expenses and limit your legal exposure to stay violations.

Identify Active Duty Military Personnel

The Service members Civil Relief Act (SCRA) is intended to ease the economic and legal burdens on military personnel during their active service. Noncompliance could put you at risk of substantial penalties.

LexisNexis® Military Status is a batch collections decisioning FCRA solution that identifies active duty military members, allowing you to set aside military accounts for special handling. It provides the information you need to make smart consumer decisions, support SCRA compliance and keep your collection strategy focused on more productive accounts.

Military Status is designed to help your business:

  • Segment your portfolio by identifying active military members
  • Prioritize accounts most likely to produce
  • Speed due diligence activities required by the SCRA
  • Simplify consumer processing with individual SCRA certificates
  • Reduce the risk of non-compliance violations

Recognize Cell Phones Associated With Accounts

More and more people are choosing to save money by giving up their landline phones and relying solely on their cell phones. Over 50% of households have gone the wireless-only route1. That makes your efforts to locate right parties more challenging because of regulatory requirements that apply specifically to cell phones.

Although the Telephone Consumer Protection Act (TCPA) was initially enacted to discourage unsolicited phone calls for telemarketing, it has been at the crux of recent lawsuits regarding calls from debt collectors to cell phones. Without visibility into the identity associated with a phone number, you’ll find it difficult to stay in compliance and prevent costly violations.

LexisNexis® Phone Ownership Identification delivers a holistic picture of phone number ownership. It combines robust phone and consumer content with industry-leading identity, relationship and association linking to determine every possible connection between the consumer and phone number provided.

Cell phone user

It answers critical questions such as:

  • Who owns the phone number?
  • If the reported identity doesn’t match your input subject, are the two people in question related or associated in any way?
  • If so, what is that connection?

Add in Phone Ownership Monitoring to be notified of phone number changes that might impact your workflow. Together with Phone Ownership Identification, you can be compliant while avoiding costly false mismatches that adversely affect your calling strategy.

Speed Debt Recovery With Analytics-Driven Results

To be effective in collections you need to leverage the most efficient tools to locate and contact consumers. And ideally, you want to get to them before the competition, so you can be first in line to receive payment.

LexisNexis® Phone Solutions for Collections helps you focus search strategies and gain more right-party contact results and critical phone data insights. The solutions are powered by advanced analytics and LexID®, which produces over 99.99% accuracy in linking identity records, giving you more precise right-party contact results.

Whether you’re searching for a person’s best phone number, trying to match a person with a phone number or simply want the attributes for a phone number, LexisNexis Phone Solutions drives workflow efficiencies so you can collect faster.

Stay Ahead of the Curve

The collections landscape is constantly changing. You need the best FCRA-regulated data and tools to be nimble and efficient. If you’re ready to up your game, LexisNexis solutions can help you work faster, smarter and within regulatory guidelines.

1. https://www.npr.org/sections/alltechconsidered/2015/12/03/458225197/the-daredevils-without-landlines-and-why-health-experts-are-tracking-them

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