Neustar Inc., a global information services and technology company and leader in identity resolution, has launched SmartTrace, a service that improves traditional skip tracing efforts used by first and third party collections agencies to reach unresponsive account holders.
Traditional skip tracing tactics – the process of locating a debtor – often rely on out-of-date customer relationship management databases, causing collections agents to waste time and resources calling or emailing inaccurate phone numbers or email addresses. Around 97% of dialed skip trace numbers are incorrect according to Neustar’s internal survey of existing collections professionals. Additionally, evolving consumer privacy safeguards add a layer of compliance and financial risk for collectors. Proposed legislation from the Consumer Financial Protection Bureau limits the number of times per day a collector can reach out to debtors, including calls to incorrect numbers. Further, the FCC’s Telephone Consumer Protection Act regulations prohibit using auto-dialers and pre-recorded messaging when calling wireless devices without the consent of the called party. As a result, collections professionals are seeking solutions that drive greater proficiency in their efforts.
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“Poor data sources are draining profitability and anticipated regulatory limits further stress collectors as they scramble to remain compliant. Quality contact intelligence is more critical than ever,” said Robert McKay, senior vice president of customer identity and risk solutions at Neustar. “SmartTrace enables collectors to make the right connection, the first time, at the right time, and increase their odds of revenue recovery, which is crucial for businesses in this economic climate.”
SmartTrace addresses these inefficiencies and compliance risks by providing only authoritative, high-quality contact data to increase answer rates, maximize revenue recovery and reduce compliance risk. The service delivers the top three phone numbers for each contact and utilizes patented customer contact intelligence and predictive insights to provide the best time to call each number.
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The solution is fueled by the Neustar OneID system, which leverages hundreds of authoritative data sources, continuously corroborating consumer and device identity in near real-time, to deliver industry-leading consumer identity resolution and phone behavior intelligence while also increasing significant key performance indicators including reaching customers in fewer attempts, increasing right party contact rates and decreasing net credit losses.
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