LexisNexis Risk & Information Analytics Group, a risk management solutions provider, has created a series of collections management solutions to help collections professionals, financial institutions, third-party debt collectors, law firms and others with the location and recovery of delinquent debt and associated assets, while helping firms comply with state bankruptcy laws.
With more than 30 years of experience in data management, LexisNexis provides analytics and strategy development; and relevant, current debtor information to increase recovery rates and limit legal liabilities.
"LexisNexis adds value to our workflow by giving us the ability to locate people we would not normally be able to afford to search for," said Steve Perret, assistant vice president of collections operations for Crescent Bank and Trust, whose firm chose LexisNexis Collections Management Solutions for their powerful features, affordability and ease of use. "One way we measure our ROI on these Collections Management Solutions is by the amount of debtors we can locate. By finding these customers we can work out payment plans that are mutually beneficial, and keep money circulating that would have otherwise been lost - it's a real win-win."
LexisNexis offers various solutions to collections professionals such as:
- Debtor Insight - Data & information intelligence tools that combine data and logic to create a greater degree of debtor insight.
- Strategy Development - Solutions that allow firms to more effectively segment their portfolios and develop the most effective collections strategies to better build their business and manage their debt portfolios.
- Implementation & Integration - Tools and Services designed to facilitate seamless, secure, and efficient flow of information.
LexisNexis Collections Management Solutions help minimize unnecessary operational expenses and maximize ROI to expedite the collection of delinquent funds and return assets to the economy.
"The collections industry serves a very important role in refueling our economy," said Rob Fite, vice president of collections solutions at LexisNexis Risk & Information Analytics Group. Industry reports show that last year the collections industry injected $39.3 billion dollars back into the US economy, an influx of cash that created a savings of $351.00 for each American household. Fite explained, "This amount represents the additional money an average American household would have spent if businesses were forced to raise prices to cover bad debt. That level of savings is the equivalent of 19 bags of groceries, or more than four months of electric bills for the average household." Fite concluded, "We all win when our customers are able to collect debt."