Collect more of the old debt that is currently considered uncollectable due to outdated or missing debtor identity information.
According to the U.S. Census Bureau, each year over 35 million Americans move and 3 million people change their name. With the frequency of changes to personal identification information (PII), such as names, addresses and phone numbers, data quickly becomes outdated and obsolete, resulting in the rapid accumulation of outstanding debts that are perceived to be uncollectable due to not being able to contact the debtor. LexisNexis Identity Contact Resolution helps resolve debtors’ identities and provide the best contact information to help you maximize your collection efficiencies and collect more of the debt that is owed.
Expand the reach of Intercept Lists and Debt Offset Programs
Debt offset programs are clearly the most effective and efficient method for recovering outstanding debts. However, often agencies are unable to add debtors to the offset program because specific identity components, such as name, address and Social Security number (SSN), are either missing or cannot be verified. LexisNexis Identity Contact Resolution helps resolve the identity of debtors so that agencies can collect more revenue from debt offset programs and intercepts lists.
Get it now: for more information on Identity Contact Resolution, please call (866) 528-0778.
Verify & Append Debtor Contact and Identity Information
LexisNexis® Identity Contact Resolution looks back in time and makes a historical comparison of debtor identity information associated with uncollectable debts. This powerful tool recognizes connections between data at different points in time, then verifies and resolves debtor identity matches. It then appends the most recent identity and contact information. This offering finds debtors that slipped through the cracks when personal information changed over time and returns the updated information needed to contact those debtors.
Segment and Prioritize Debts based on the Probability of Contacting the Debtor
Once the LexisNexis Identity Contact Resolution has verified identities and appended debtor contact information, identities are segmented into multiple scoring buckets based on the confidence level of the match and other factors. This segmentation and scoring allows agencies to make informed decisions about which records should be added to intercept lists for state offset collections programs; which records have had their identity resolved and therefore lend themselves to active collection strategies; which records should be referred to third-party collection agencies; and which records can be dropped due to the uncontactable nature of the identity.
Get it now: for more information on Identity Contact Resolution, please call (866) 528-0778.