LexisNexis® Risk Solutions Addresses Receivables Management Industry Challenges with New Contributory Database
LexisNexis® Phone Disposition Database improves contact rates and increases profitability
New York, NY – LexisNexis® Risk Solutions today announced the official launch of LexisNexis® Phone Disposition Database, a new contributory database specific to the Receivables Management industry. The Database is the result of a collaboration between LexisNexis and its customers involving LexisNexis contact data and contributor phone disposition feedback to provide participants with a unique level of insight on phone numbers that may result in higher contact rates and increases in overall profitability. Leveraging the program also helps to reduce the time and expense associated with calling wrong party numbers.
“Using the LexisNexis Phone Disposition Consortium, our right party contacts have increased 22 percent this calendar year, which equates to a 5-7 percent increase in dollars collected,” said Bob Burnside, general manager, First Financial Asset Management, Inc. “In addition to improving our profitability, we have reduced the opportunity for consumer complaints because we are calling wrong contacts less often.”
Combining one of the largest and most comprehensive consumer contact and locate databases in the marketplace, with participant member feedback, LexisNexis is able to provide collection professionals with a level of accuracy for phone numbers that is otherwise unavailable in the industry today. More than 13 million dispositions have already been contributed to the Database by LexisNexis customers. The Database enables businesses and individuals to provide the most up-to-date insight on the status of the contact information they are using to reach consumers. The phone contact status is segmented into four categories – right party contacts, relative or associate contacts, disconnects and wrong party claims – providing greater insight into a debtor’s contactability and increasing operational efficiency.
“Having better information, particularly phone numbers, is critical to businesses in the receivables management industry as society becomes more mobile and difficult economic conditions drive consumers to change their contact information more easily,” said Robert Fite, vice president, receivables management, LexisNexis Risk Solutions. “The Database focuses on these contact challenges and provides an even greater level of detail and insight, enabling collections professionals to reach the right individual more efficiently.”
For more information on the LexisNexis® Phone Disposition Database businesses can call 866.528.0720 or visit http://www.lexisnexis.com/risk/receivables-management.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions (www.lexisnexis.com/risk/) is the leader in providing essential information that helps companies across all industries and government predict, assess, and manage risk. Building on the legacy of proven LexisNexis services from the past 35 years, and combining cutting-edge technology, unique data and advanced scoring analytics, Risk Solutions provides products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is headquartered in Alpharetta, Georgia, United States.
LexisNexis offers receivables management solutions that help debt recovery professionals increase workflow efficiencies, gain greater insight into debt portfolios, collect more in less time and achieve greater profitability.