Experian has announced the release of an enhanced version of Collections Triggers. The new version provides collectors with notification when a debtor's ability to pay appears to be improving. This is especially critical for financial services organizations looking to optimize late stage and charged-off receivables.
The introduction of additional trigger criteria and attributes within Collection Triggers increases the ability for companies to act quickly when new information is available. Subscribers to Collection Triggers are notified within 24 hours when the financial status of a consumer within their collection portfolio has improved.
“Collection Triggers increases revenue by allowing companies to be first to the door of consumers who have improved their ability to pay,” said Zaydoon H. Munir, senior vice president, Experian's Consumer Information Solutions. “This tool allows companies to increase their productivity by only working delinquent or charged-off accounts when there is tangible evidence that renewed contact will yield results.”
The enhanced Collection Triggers solution offers:
- A low-cost solution since charges are only incurred when new information on an account is available
- An economical “best address” option that notifies companies immediately if a newer address exists for a delinquent account
- The ability to append 15 different score models to one or more types of trigger notifications, including Experian's VantageScore and RecoveryScore
- Improved management reporting and enhanced e-mail notification
- Monitoring of public record, civil action, tradeline and demographic events to help prioritize and segment collection strategies
- Triggering options and rules around monitoring frequency that can be customized based on priorities
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