Experian®, the global information services company, today announced that Wescot, a leading debt collection agency, has signed a multi-million pound contract extension for the provision of data services for the next two years.
The deal will give Wescot complete and accurate data to better assess debtor characteristics and enhance its collections performance.
Wescot will be one of the first clients to be migrated to Experian's new dynamic platform, ExPin later this year. ExPin changes the way data is matched by assigning every person a unique identifier PIN which drastically reduces any chance of duplication and significantly improves overall match rates and data quality. It also maximises the opportunity of retrieving data accurately which will enable Wescot to gain a complete and accurate profile of its customers.
Simon Waller, head of collections and customer management at Experian, commented: "Through the extension of our partnership with Wescot, we look forward to providing the company with quality data and advanced business intelligence. Using technology to enhance debt collection practices is becoming increasingly important, particularly with recent scrutiny and increased regulation of the debt collection industry. This partnership will help Wescot adhere to stringent regulatory guidelines, increase data accuracy and help drive the best data collection practices in the industry."
Paul Jenkins, Chief Executive Officer at Wescot said: "
"Our strategic partnership with Experian has improved our collections operating model by delivering insight into individual customers and client portfolios. As a result we have been able to strengthen our competitive advantage in the UK's collections and recovery markets. The implementation of the ExPin system, when integrated with our decisioning and execution platforms, will further improve our ability to take into consideration each individual customer circumstances and deliver appropriate solutions for the repayment of outstanding debts. The benefits to the consumer and our clients are significant, however without question the most important element is the ability to continue to achieve the highest possible standards of compliance ince in the sector, therefore this is an investment which is designed to continue to protect the reputations of our clients and the Wescot brand."