Experian introduces Collections Triggers tool
25 January 2006 | 1961 views | 0
In an effort to help financial services organizations collect on large volumes of uncollected debt, Experian, a global information solutions provider, today announced the launch of Collection Triggers.
Collection Triggers is a robust and flexible collections solution that monitors a company's portfolio of collections accounts. When new information on one of these accounts becomes available, indicating the possibility of recovering the debt, the organization is notified within 24 hours and can then resume efforts to contact the consumer and collect the outstanding debt.
"Our clients have been asking us to help solve the debt dilemma - when collection efforts go cold, the consequence is a huge burden of unpaid debt," said Kerry Williams, group president, Experian's Credit Services. "Collection Triggers offers our clients the opportunity to know within 24 hours when a debtor has had new credit activity, enabling quick action for the highest probability of recovery."
Collection Triggers allows clients to proactively monitor accounts for public record, civil action, tradeline and demographic events to help prioritize and segment their collection strategies. Specific triggering options can be selected, and rules around monitoring frequency can be customized. In addition, clients can determine their own priority hierarchies and cool-off periods according to their needs and the type of debt portfolio.
"Cost-effectiveness is one of the key benefits of Collection Triggers," said Dan Buell, director of collection products for Experian's Credit Information Solutions. "Clients do not incur any up-front costs for monitoring accounts; charges are incurred per triggered event notification. However, the timeliness of each trigger dramatically increases the probability of debt recovery."
Collection Triggers is ideal for any type of organization with a portfolio of uncollected debt, including credit grantors, collection agencies, debt buyers, and law firms and collection attorneys. Clients are not required to report data in order to use Collection Triggers.