The debt collections space is fluid. This is illustrated by a continuum of changes in compliance requirements, consumer behavior and consolidation practices — all requiring analytical insight that takes as much guesswork out of daily recovery decisions as possible.
The question is… are you capitalizing on the tools available to optimize your efforts?
The main objective is to identify specialized inventory — which every portfolio contains — to perform at a high level for clients, maintain profitability within your organization, avoid legal exposure, and deliver a constructive and transparent experience for the consumer.
Constant changes in consumer preferences -- and compliance restrictions that have left our hands tied -- have made it imperative that we tread lightly when dealing with high-risk consumers. They may, for example, be protected by federal laws concerning bankruptcy or military service, or they may exhibit litigious behavior. Uninformed decisions can expose and negatively impact your organization -- in some cases, beyond repair. So, continuous monitoring of your portfolio to stay agile and “in-the-know” is mission critical.
In the past, it was necessary to obtain a range of datasets from multiple vendors, resulting in various portfolio reviews, invoices, reports, contacts and expenses. Then, once the information was received and aggregated, collectors were tasked with locating consumers manually — the antithesis of efficient practices.
With a single input file, TransUnion segmentation solutions can be customized to help mitigate risk, expedite activation of new business, and segment for prioritization and compliance purposes — all while reducing the need for costly manual searches.
TransUnion’s comprehensive Inventory Segmentation solution can provide deep visibility into:
- Primary and secondary debtor information
- Effective date, discharge or dismissed date
- Court and attorney information
- Match configuration defined by combination of full name, last name, address, city, state, zip, full SSN and partial SSN
- Date of death
- Active status
- Case number, document name, report ID
- Start date, end date
- Service agency
- Order notification start and end dates
- Number of matches and actions
- Case numbers and titles
- Court, judge, plaintiff, defendant and attorney information
In addition to critical risk management data tied to consumer behavior, TransUnion allows collectors to skip trace in bulk — potentially reducing the cost to obtain actionable contact data.
The information you need to execute an effective segmentation strategy is now packaged nicely in one all-inclusive output file. Moreover, when combined with a robust account monitoring initiative, you can be notified of changes to your debt portfolio and capitalize on time-sensitive opportunities.
TransUnion’s segmentation insights are just one piece of a deeply holistic set of solutions that span credit and alternative data sources to support all stages of the collections lifecycle by delivering truly comprehensive consumer profiles.
Curious to know how TransUnion’s recovery data stacks up? Call our team at 800.856.5599 to schedule a test to see how TransUnion can optimize your recovery strategy.