For debt collectors, nothing is more valuable than having access to accurate and recent contact data. Providing timely and relevant information such as cell phone numbers and email addresses gives collectors a new tool in their attempt to recover capital and increase profitability.
Collections can also be a drain on your resources, so it’s important to continuously refine your processes to maximize efficiency and drive results. FactorTrust enables collectors to easily assess consumer accounts for collectability. Using FactorTrust analytics, collectors can quickly evaluate a debtor’s propensity to pay and prioritize your debt recovery contact strategy.
FactorTrust’s contact data is derived from loan applications and transaction data from underbanked consumers, a growing segment of the lending market. Underbanked consumers are individuals exploring or using alternative financial services for some of their financial transactions, while also having a checking or savings account with a traditional financial institution. Because data is primarily derived from borrowers obtaining loans online, the information provided by the consumer is more accurate and timely. As a result, collectors who use FactorTrust for skip-tracing will receive up-to-date contact information. End users save time with the solution’s robust search capabilities, flexible integration alternatives and data returned specifically within the time frame and contact type specified by the collector.