Tag: lender

In today's fast-paced world, the ability to locate individuals quickly and accurately is crucial for debt collectors and lenders. Leading skip tracing software is differentiated by data accuracy and data source expansion that delivers increased right-party contact (RPC) rates, better cost efficiency, and improved user experience. The need for improved skip tracing The landscape of skip tracing has changed dramatically in recent years. Call blocking and mislabeling have led to a decline in RPC rates, while increased scam activity has caused many consumers to ignore calls and texts. Additionally, the sheer volume of new information available makes efficiently organizing and delivering helpful results a higher priority than simply gathering data. Here are a few quick stats: Email addresses go stale at a rate of 3% each month There are 820 million changes across all contact databases every 90 days Human errors lead to 50% of data issues, such as a typo that results in a bounced email[1] As a result, we’ve made significant improvements to our skip tracing solution, TrueTrace™. What is TrueTrace? TrueTrace, a powerful skip tracing solution, is a go-to resource for both small and enterprise collectors. For locating hard-to-find individuals, TrueTrace is now even more effective, leveraging advanced technology and more data to enhance its performance. Some organizations that tested TrueTrace saw a 10% lift in RPC rates compared to the competition.[2] Here’s a look at some of the improvements we’ve made: Enhanced data accuracy: TrueTrace now runs on an identity graph to tie data from disparate sources to a unique persistent ID for each consumer. This upgrade improves data matching and accuracy, ensuring that users can rely on the information provided. Expanded data sources: The new version of TrueTrace incorporates email appending, making it a convenient all-in-one solution. By including new and unique data sources, TrueTrace increases hit rates and provides more quality results. With these improvements, here are some potential benefits to your business: Increased RPC rates: Improved data quality and accuracy lead to higher RPC rates, making it easier for collectors to reach the right individuals. Cost efficiency: Reducing operational costs associated with wrong-party contacts and outdated information helps businesses save money and improve their bottom line. Improved user experience: Easier access to accurate data leads to more efficient operations and a better overall user experience. Using an identity graph to organize data points Identity graphs allow organizations to build customer profiles based on a combination of data points. Companies can also use cloud-based services to implement additional, larger sets of data. Within an outreach strategy, skip tracing tools can use identity graphs to associate names, phone numbers, email address, physical address, and assets from multiple, unrelated databases into a single source of accurate information. This can help organizations save time and increase efficiency. Upgrades to skip tracing help businesses enhance efficiency The latest enhancements to TrueTrace represent a significant advancement in skip tracing technology. With upgraded data accuracy, expanded data sources, real-time updates, and flexible integration, TrueTrace offers a comprehensive solution for businesses looking to improve their outreach strategy. This tool can help businesses achieve higher RPC rates, reduce costs, and enhance their overall operational efficiency. To learn more about TrueTrace and its new features, read our latest whitepaper or visit our website or contact us for further inquiries. Discover how TrueTrace can help your business achieve better skip tracing with higher quality results today. Read the whitepaper Visit our website [1] Experian (2023). Revolutionizing your email strategy. [2] Experian TrueTrace data

The universe has been used as a metaphor for many things – vast, wide, intangible – much like the credit universe. However, while the man on the moon, a trip outside the ozone layer, and all things space from that perspective may seem out of touch, there is a new line of access to consumers. In Experian's latest 2019 State of Alternative Credit Data report, consumers and lenders alike weigh in on the growing data set and how they are leveraging the data in use cases across the lending lifecycle. While the topic of alternative credit data is no longer as unfamiliar as it may have been a year or two ago, the capabilities and benefits that can be experienced by financial institutions, small businesses and consumers are still not widely known. Did you know?: -  65% of lenders say they are using information beyond the traditional credit report to make a lending decision. -  58% of consumers agree that having the ability to contribute payment history to their credit file make them feel empowered. -  83% of lenders agree that digitally connecting financial account data will create efficiencies in the lending process. These and other consumer and lender perceptions of alternative credit data are now launched with the latest edition of the State of Alternative Credit Data whitepaper. This year’s report rounds up the different types of alternative credit data (from alternative financial services data to consumer-permissioned account data, think Experian BoostTM), as well as an overview of the regulatory landscape, and a number of use cases across consumer and small business lending.     In addition, consumers also have a lot to say about alternative credit data:   With the rise of machine learning and big data, lenders can collect more data than ever, facilitating smarter and more precise decisions. Unlock your portfolio’s growth potential by tapping into alternative credit data to expand your consumer universe. Learn more in the 2019 State of Alternative Credit Data Whitepaper. Read Full Report View our 2020 State of Alternative Credit Data Report for an updated look at how consumers and lenders are leveraging alternative credit data. 

Driver of success: Mitigate auto lending risk A culture of learning is a key driver of success. Does your risk culture continue to adapt? There are many issues within auto lending that are unique to other financial services ecosystems: the direct versus indirect relationship, insights of the asset influencing the risk insights, new versus used vehicle transactions influencing risk and terms, and more. However, there is one universal standard common to all financial services cultures — change.. Change is constant, and an institution’s marketing and risk organizations need to be constantly learning to stay abreast of dealer, consumer, competitor and regulatory issues. No one has said it better than Jack Welch: “An organization’s ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage.” This statement was quickly followed by a command: “Change before you have to.” So the challenge for the portfolio manager is to ensure there are the system features, data sources, management reporting structures, data access features, analytic skills, broad management team skill sets, and employee feedback and incentive plans to drive the organization to a constant state of renewal. The challenge for many smaller and midsize lenders is to determine what systems and skills need to be in-house and what tasks are better left for a third party to handle. For consumer-level data, vehicle history and valuation data, and fraud alert flags, it seems reasonable to leverage solutions from established third parties: credit reporting agencies. After that, the solutions to the many other needs may be more specific to the lender legacy skill set and other support relationships: Are there strong in-house data-management and analytic skills? There is a significant difference between management information and data analysis driving policy and portfolio performance forecasts. Does the internal team have both? Is the current operating platform(s) feature-rich and able to be managed and enhanced by internal resources within tight time frames? Is the management team broadly experienced and constantly updating best-practice insights? Is the in-house team frequently engaged with the regulatory community to stay abreast of new mandates and initiatives? There is a solution. Experian® offers the data, software, solutions, management information, analytic solutions and consulting services to tie everything together for a lender-specific best configuration. We look forward to hearing from you to discuss how we can help.