Collections organizations can substantially improve the effectiveness of their recovery and operate at peak performance by leveraging a score that predicts payment of debt. Payment Score is a dual performance score designed to help rank order accounts based on the likelihood that a debtor will make a payment in the next three months and the size of that that payment. Payment Score accesses 33 billion public records built from more than 2,000 sources to provide unique alternative behavioral data insight into a debtor's propensity to repay and then delivers an easy-to-use, actionable three-digit score. Payment Score is compliant with Fair Credit Reporting Act and Equal Credit Opportunity Act regulations.Payment Score delivers critical insights that drive a stronger, more informed collections strategy:
Broader perspectives equal better profitability
Payment Score helps predict repayment by providing an actionable score, ranging from 501 (least likely to repay) to 900 (most likely to repay the most dollars). This score can be used as a stand-alone scoring tool or in a decision matrix with other scores. Payment Score is derived by compiling diverse alternative behavioral data from the industry's leading repository of public records sources. LexisNexis® delivers unique insight into consumers with little-to-no traditional credit history and gives your business the predictive confidence that comes from working with the industry leader. With Payment Score your business can maintain an agile collections strategy that keeps resources focused on profitable recovery efforts.
Focused resources increase recovery
In today's dynamic and often shifting economic times, current perspective greatly impacts an effective collections strategy. Alternative data creates a more complete profile of the consumer that better reflects a debtor's stability, ability to repay and willingness to repay a debt. It can also optimize account visibility and add a layer of focus to your portfolio management strategy. In addition, alternative data provides insight on consumers with little or no traditional credit history. Leveraging the predictive scores delivered by Payment Score, agencies can streamline their collections workflow, reduce overall spend and increase collections success rates.
Payment Score helps your business identify the most effective route to profitable recovery results by minimizing wasted margins on unproductive accounts while maximizing the focus on accounts most likely to repay. Leverage Payment Score to improve your collections strategy, realize higher debt recovery success rates and drive more profitability into your collections workflow.
Get it now: For more information about LexisNexis® Payment Score, call 800.869.0751.