To be efficient and successful in collections you need the right information at the right time. Consumer data changes quickly, which makes monitoring consumer accounts a necessity despite how tedious it can be.
Manual searching of multiple resources is a slow process. Not only does it impede your workflow, but it’s often unproductive. Imagine how many hours you’d save each week if you could streamline that task.
LexisNexis® Account Monitoring automates and accelerates the account update process. It automatically notifies you when new information on consumers becomes available, from changes in phone and address information to updates on bankruptcy filings, property ownership and more.
With these timely updates, you can act swiftly to increase contact rates and maximize collections. The updates also enable you to segment your accounts. You can restructure your priorities and focus resources on those accounts most likely to be resolved and to have the greatest return on investment. When an account has a change that indicates improved financial status and the ability to pay, you’re ready to take fast action and get there before other creditors.
Account Monitoring uses an automated batch process that can integrate seamlessly into your current workflow. You can customize the product to fit your needs. You decide what accounts to track and also what information should trigger an alert. You’re able to avoid notifications on items that aren’t needed and are just a distraction.
LexisNexis Risk Solutions has the tools, technology and expertise to put the right information at your fingertips. When you rely on data and analytics to inform your collections process, you’re able to eliminate repetitive, costly, online searches from your process. Productivity will increase and so will collections revenue.
Learn more about LexisNexis® Account Monitoring and how it can help optimize your collections process in our latest video.