Experian Updates Collection Triggers to Keep Lenders Alerted to New Debtor Info
COSTA MESA, Calif. — Experian recently launched an updated version of its Collections Triggers. The new version was designed to provide collectors with notification when a debtor's ability to pay appears to be improving.
This can be especially critical for financial services organizations looking to optimize late-stage and charged-off receivables, according to officials.
"Most consumers who have not had the funds to pay a debt in the past often see their ability to pay improve in the future," executives explained. "With financial event triggers, you will know when to contact consumers regarding old debt as their financial status improves.
"Making accounts current, paying off old debts in full and having funds available on an open bankcard are examples of triggers in this category that can help your organization focus collection efforts on the consumers most likely to pay," officials said.
The introduction of additional trigger criteria and attributes within Collection Triggers was included in the revamped program to increase the likelihood for companies to have the opportunity to act quickly when new information is available, Experian explained. Subscribers to Collection Triggers will be notified within 24 hours if the financial status of a consumer within their collection portfolio has improved.
"Collection Triggers increases revenue by allowing companies to be first to the door of consumers who have improved their ability to pay," said Zaydoon Munir, senior vice president of Experian's Consumer Information Solutions.
"This tool allows companies to increase their productivity by only working delinquent or charged-off accounts when there is tangible evidence that renewed contact will yield results," he continued.
The updated Collection Triggers solution offers:
—Charges only when new information on an account is available
—An option that notifies companies immediately if a newer address exists for a delinquent account
—The ability to append 15 different score models to one or more types of trigger notifications, including Experian's VantageScoreSM and RecoveryScoreSM
—Improved management reporting and enhanced e-mail notification
—Monitoring of public record, civil action, tradeline and demographic events to help prioritize and segment collection strategies
—Triggering options and rules centered on monitoring frequency, which can be customized based on priorities
"Collection Triggers is a powerful and intuitive tool for debt collectors who want to concentrate resources on the most collectible segments of their portfolio," Munir said.
"Clients can monitor thousands of accounts and align their expenditures to monitor the consumer events that will most likely lead to recovery. This product is particularly beneficial for the debt buyers forced to operate on tight margins with the need for maximum efficiency," he added.
For more information about Collection Triggers, call (888) 414-1120, or visit www.experian.com/collections_industry/index.html.