There’s a reason for the dearth of information. It can be hard to “see” individuals in their entirety. Lives change: People move, get married, accumulate assets. Records may not be updated and individuals may not accurately self-report.
Businesses are even harder to find. It can take three to five years for a business to appear on a credit file, and business relationships and operating structures can be very complex to unravel.While a full credit profile may take several years to appear, businesses begin building data footprints from day one: When it applies for a license or registration. Sets up a location and establishes points of contact. Secures assets. Pays taxes.
LexisNexis Risk Solutions can fill in the blanks. Our data sources include vast public records and alternative sources that go beyond traditional credit data. This gives you unprecedented visibility to see people and businesses sooner, verify self-reported data, clarify relationships and uncover additional hidden or potentially risky relationships.
Some of the key strengths of our solutions include:
Americans may complain about taxes, but 94% of those polled believe it is the duty of every resident to pay their fair share of them. Further, 91% agree that those who cheat on taxes should be held accountable. So, it stands to reason that successful tax collection is not just a matter of the law and revenue generation: It’s a matter of public trust.
The largest share of tax noncompliance — 80% — stems from underreporting the amount of taxed owed. Business income is the largest culprit, where owners are reporting their share of profits from partnerships, S-corporations, LLCs and sole proprietorship as part of their individual tax returns. Tax authorities have limited visibility into income gained from not only these passthrough business entities but also farms and capital assets like real estate.
Working with LexisNexis Risk Solutions gives you the ability to open the curtain and expand your view of people and businesses. Augment basic individual identity details with additional data sources on employment, assets, vehicle/boat registrations, property ownership, professional licenses, business associations, relatives and associates and more. Uncover links between individuals and business entities in a way you never could before.
Expose business non-compliance — whether due to error or fraud — by seeing a business in more granular detail:
Chasing down uncollected taxes from just one taxpayer can be arduous enough. Multiplied, it can end up costing you more in resources than the revenue generated, assuming you can even collect. You need to prioritize efforts for maximum productivity. And that requires more intelligence and a more automated collections approach.
Here’s what that looks like:
We also help you segment accounts to prioritize and allocate resources based on who is more likely and able to pay, urgency of collection and more. Better delineate the accounts that make sense for third party collections to handle.
Of course, compliance is a huge consideration, and a key advantage we bring to the table. LexisNexis Risk Solutions has been managing data for more than 40 years and we’re rigorous in our compliance with legal and regulatory guidelines. In fact, we have the industry’s only FCRA-regulated collections solution, Accurint for Government Collections: Decisioning Workflow — and our portfolio helps you keep compliant with SCRA, TCPA, consumer privacy, bankruptcy collections and other regulations that are commonly misapplied.
What you consider to be “uncollectable debt” may not be. Let us help you increase right-party contacts to streamline collections processes and boost ROI.
Our identity data goes broad and deep — comprising 84 billion records from 10,000+ nationwide sources, cross-referenced with proprietary linking technology — to ensure you have the most current and complete data on individuals and businesses. Fuel your skip tracing activities with faster access to accurate details like phone numbers, addresses, email, employers, relatives, associates and more. "Next Steps" and "We Also Found" prompts intuitively link you to additional, relevant information to aid your research.
Additionally, you can batch updates based on your collections cycles so you’ll have the freshest contact data to start from.
Locate and identify people, businesses and assets
Visualize complex relationships to locate people and businesses quickly
Prevent fraudulent claims and create new revenue sources
Resolve debtor identities and collect more revenue
Detect fraudulent claims and identities using physical and digital insights and proven analytics
Prevent fraud while providing a positive online experience for citizens
Prevent fraud with next-generation digital identity assessment by ThreatMetrix®