First Data Releases Bankruptcy and Deceased Solution for ARM Industry

Electronic commerce and payments leader First Data Corp. (NYSE: FDC) has announced that First Data Solutions, its information and analytics unit, is making its Notify Solutions product available to all First Data Solutions clients.  Notify Solutions provides timely bankruptcy and deceased notifications to enable organizations engaged in collections, receivables management and auto finance to react quickly to changes in accounts.

Receipt of these timely alerts helps the organization proactively and efficiently manage account changes that impact the business.

“Industry statistics continue to show that a significant percentage of credit losses experienced by financial institutions and receivables management operations are due to bankruptcies,” said Mike Geppert, president, First Data Solutions. “In today’s environment, the ability to react quickly to the bankruptcy lifecycle, recover losses and avoid further risk is critical to an organization’s bottom line. Armed with this information, First Data Solutions clients can quickly make decisions such as removing the account from the collection process or eliminating mailings and attempts at ongoing communication.”

Compiled from the public records of more than 7,000 federal, county and local courthouses, First Data Solutions’ public records collection system is one of the largest and most comprehensive in the nation. Bankruptcy data, which is updated daily, is compiled from all 50 states, Guam, Puerto Rico and the U.S. Virgin Islands. Deceased data, updated weekly, is compiled from all 50 states, Puerto Rico and the U.S. Virgin Islands and includes all deaths reported directly to the Social Security Administration.

Notify Solutions is available to all First Data Solutions clients today. They simply need to contact their customer service representative to begin the process.