Detect, investigate and collect efficiently and effectively

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.

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:

• 84 billion public and proprietary records from more than 10,000+ data sources on both people and businesses.
  – We have data on 25% more U.S. businesses and 60% more small businesses than other providers.
  – We also can uncover more of the unbanked and underbanked population.
• We’re uniquely able to help you identify and assess both the business and the owner/principals connected to it. Using our LexID® unique identifier, we pull all that data into a combined view with 99.99% linking precision. By aggregating the data, you can uncover insights you might otherwise miss from manual cross-tabulation. We have identified 40 million business LexIDs and 280 million individual LexIDs through the linking process.

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:

• Leverage big data (including government, commercial and public records) to get a clear picture of what a business does, its industry (by code), where it’s located, how much it makes and who owns it
• Break down siloes across jurisdictions to view the full scope of a business
• Conduct industry-specific statistical comparisons to determine whether taxes may be owed, and how to best resolve (letter, desk audit or further escalation); and
• Recognize suspicious activities or unknown owners that may suggest fraud, and see into larger networked fraud schemes.

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 produce a more expanded and current view of people and businesses, pulled from massive data sets including government, commercial and public records
  – Consumer identity, household information and other vital data relative to an individual’s tax reporting
  – Cross-jurisdictional information on business entities including what a business does, its industry (by code), where it’s located, how much it makes who owns it          and registered agent(s)
• From there, you can conduct industry-specific statistical comparisons to determine whether taxes may be owed and how to best resolve (i.e., letter, desk audit or further escalation)

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.