A new survey from TransUnion (NYSE:TRU) found that nine in 10 (95.2%) collectors have improved their right party contact rate since using online databases and sophisticated technology. Nearly three in 10 respondents (27.4%) have more than doubled their right party contact rate by using online databases to uncover information.
Right party contact information – such as phone numbers, addresses and place of employment – helps debt collectors reach the right person on the first attempt. More than eight in 10 (85.5%) collectors surveyed by TransUnion said online databases greatly improve the accuracy of customer information.
The survey also found that despite the benefits derived from using online databases, only 57.6% of respondents said they always use them. Approximately 40% said they “sometimes” use the databases. Having one best phone number for an individual is the most important aspect of right party contact information. Seven in 10 respondents (67.9%) ranked having an accurate phone number as the most important tool, while 63.9% ranked address as one of the most important pieces of information.
The survey, conducted in January 2016, included 635 respondents from debt buying organizations, first-party collection agencies, third-party collection agencies and collection law firms. Respondents collected a variety of types of debt, including auto, bankcard, commercial, consumer loans, government and municipal, medical, mortgage, private label, student loans, telco, and utility. TransUnion conducted the survey to better understand what solutions work best for the collections industry and their continued right party contact efforts.
TransUnion Collections Solutions combine its almost 50 years of experience with deep data and analytics to provide customers with better insights to improve skip tracing, contact the right party and prioritize accounts. TransUnion’s tools and strategies allow organizations to streamline processes so they can work more accounts and achieve better results.
To read the full release click on this link Source: Tranunion Press Release
