Data Hygiene Can Drive Increased Profitability in Collections
Reduce time lost on duplicates, missing pieces and inaccurate entries
During an economic slowdown, collections and recovery departments see a surge in delinquent accounts. Keeping up with the increased workload becomes difficult without hiring additional staff. A better alternative is to provide effective tools that allow collections representatives to more quickly track down consumers and make contact.
The entire collections process begins with clean data. Absent a reliable resource, collections agents must search multiple sources to find contact details. Issues like duplicate entries, inaccurate information and missing facts waste time and cause frustration by sending collectors down a wrong path.
In today’s fast-paced economy, consumer information is continually changing. That’s more true than ever in our post-pandemic world. Keeping up can’t be done intermittently. It requires vast, dedicated resources.
Working with multiple, disparate databases to verify data often results in confusion over which source is the most current. And uncovering critical factors for debt assessment and collections such as bankruptcies, incarcerations and military status is equally challenging.
LexisNexis® Risk Solutions has the tools, technology and expertise to help you maintain the freshness of your data. We put the information right at your fingertips. When your data is easily accessible and reliable, you’ll quickly see improvements in productivity. Collections revenue will go up. Your collections representatives will feel more accomplished. And you’ll reduce the likelihood of stay and collections violations.
Learn more about our proven solutions to streamline data hygiene and increase collections success in our latest video.