ID Analytics Introduces Unique Collections Scores
ID Analytics has announced the availability of new collections scores that leverage real-time consumer identity information to improve both early stage and late stage collections efforts. ID Analytics Collections Optics enables companies to increase the effectiveness of collections efforts by accurately determining the likelihood of a charge-off in the early stage, and predicting the balance percentage of late stage delinquent accounts that will likely be repaid.
"Collections has become a very important aspect of managing the customer lifecycle," said Bruce Hansen, chief executive officer, ID Analytics. "Effectively focusing resources on accounts that will yield the best results is just as important as ensuring that good customers are not contacted unnecessarily. Leveraging unique real-time data within our ID Network® has proven valuable in helping organizations to more accurately assign appropriate treatments for accounts that appear to be in jeopardy."
In today's economy, organizations are finding that conventional, tried and true collections strategies are no longer as effective as they once were. Analyzing traditional risk measures such as time delinquent and delinquent balance alone do not accurately indicate true ability and willingness to pay. An early stage account with a low-risk credit score is not necessarily going to self cure. And some accounts that appear high risk because they have gone several cycles past due may repay with little effort. The key to best defining a collections strategy in today's market should include real-time data on a consumer's use of their identity.
ID Analytics' solutions extract unprecedented insight from consumer transactions by combining powerful analytics and information within the ID Network--the nation's only real-time, cross industry compilation of identity information. The network has 360 billion total aggregated data elements, an average daily flow of 45 million attributes via a stream of input from Fortune 100 companies. This unique visibility has proven highly predictive in the collections environment, and leads to more efficient collections efforts.
ID Analytics Collections Optics sharpens segmentations for early and late stage collections:
- Early stage: separates those accounts likely to pay from those likely to roll to late stage or charge-off, enabling organizations to fine tune collections strategies to quickly realize return on investment while releasing bad accounts sooner.
- Late stage: predicts the percentage of the outstanding balance that will likely be repaid. This helps determine which accounts should be kept in-house and which should be released to third-party collections agencies.
- For more information about ID Analytics Collections Optics, please visit http://www.idanalytics.com.
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