YGC Solutions has updated its industry-recognized standard and will make it available in the public domain. Creditors, debt buyers, subrogation professionals, attorneys, and collections agencies will be better able to be responsive to the rapidly changing compliance landscape. YGC is returning to its fundamental role of a facilitator of the secure, compliant, efficient movement of claims data by updating the data standard with new and enhanced record types. Known as YGC-v3.0, the new standard is available from the Support Library on the YGC website for free download at www.youvegotclaims.com. Contact YGC Customer Service at 800-542-0204 to obtain a free login.
According to Jeffrey Zuck, principal of YGC Solutions Inc., this latest format has new and enhanced record types to accommodate more effective exchange of claim information. For example, new record types have been created to track Reseller/Chain of Title data as well as to allow for the management of complaints received about the underlying claim.
“By again placing the YGC standard in the public domain, internal IT departments and software providers will be able to make program changes faster, cheaper, and more consistently than in the past. This will make everyone’s life easier,” Zuck explained.
Stevan Goldman, principal of YGC Solutions, pointed out that in addition to making the YGC data standard available in the public domain, the company will help address the problem of non-standardized collection industry databases as well.
“Even the most sophisticated EDI doesn’t translate all of the terminology in use today. For example, what ‘Charge-Off Date’ means to one person or system, could mean something slightly different to another person or system. In today’s litigious and compliance-driven environment, even a slight misunderstanding can become quite costly,” said Goldman.
“YGC has recognized the need for a searchable database with clear, unambiguous definitions of every field, term and phrase used in today’s collection systems as well as anticipating those of tomorrow,” said Goldman. To fulfill that need, YGC Solutions is dedicating resources to build, maintain and publish a user-friendly searchable glossary of legal, credit and collection-related terms.
“While, there are many published sources that are excellent for looking up collection-related words and phrases, unfortunately, they don’t always agree on a specific purpose or definition,” Goldman said. “It is YGC’s goal to reduce ambiguity and increase the standardization of collection industry jargon through the introduction of its Collection Industry Terminology Knowledge Base Project.”
More information about the new publicly available v3.0 data standard and the terminology database can be found online in the YGC Whitepapers section at www.youvegotclaims.com.
YGC is a Pine Brook, N.J.-based privately held company that creates cloud-based technology solutions serving the credit and collections industry since 2000. Approximately one million new collection accounts each month are currently distributed to law firms, collection agencies and other service providers using YGC. More than 21 million open and ongoing accounts are tracked and managed monthly using YGC, with creditors and debt owners also analyzing the productivity, activities and efficiency of the more than 700 law firms, agencies and other collection vendors that are currently compliant with the YGC Data Standard product and service.
The YGC solution provides electronic data interchange, the most widely used and accepted data standard for translating data from geographically and technologically disparate sources, and data analysis and reporting tools. YGC enables our clients to communicate quickly, consistently and cost-efficiently and to gain new insights into the performance of their collection efforts. For more information, visit www.ygcsolutions.com or call 800-542-0204.