Experian® UK announced the launch of the Experian Collections Bureau, a new service designed to ensure that customers are treated fairly and responsibly, and allowing lenders to manage individual cases of customer debt with a personalized approach.
To date, most lenders only have a limited view of their customer’s overall financial situation. The Collections Bureau will allow lenders, for the first time, the ability to match their own customer data against a database of records from multiple partners, including credit reference agencies and debt collection agencies (DCAs). The number of records held in the Collections Bureau is so vast that it will add significant value to the wider lending industry. It will give lenders a unique insight into how many of their customers have existing debts with other creditors, which customers already have established relationships with DCAs or debt managers, the status of that relationship and who may need additional guidance in their repayment plans. This helps to create a much more holistic view of an organizations customers and their financial situation.
By combining these internal records, lenders not only ensure customers are being treated fairly throughout the collection process, but it also means that debts can be consolidated and managed via a single point of contact for customer repayments. This not only makes debt repayments easier for customers to handle, but also means that customers are not being unnecessarily contacted by a number of different organizations, reducing stress and improving their overall service experience.
Jonathan Westley, Managing Director of Experian’s Consumer Information Services, comments: “With recent FCA findings stating that nearly nine million people in the UK are at risk of falling into ‘serious debt1’ , ensuring that collections strategies do not place additional pressures on the financial burdens of people in debt is vital.
“By getting a complete picture of their customer’s current situation, the Collections Bureau will allow businesses to offer the fairest collection plan, helping reduce customer stress, improve their overall experience and strengthen customer relationships, whilst also providing an effective collections strategy for lenders.”
To find out more information about the Experian Collections Bureau, visit: www.experian.co.uk/ecb.