PR - First American Investment Company has Success with Experian?s Collection Triggers

Experian, a global information services company, today announced that First American Investment Company’s implementation of Collection Triggers has significantly improved profits for the debt-buying organization. First American Investment Company, based in Williamsville, N.Y., is a leading buyer of charged-off consumer debt accounts and debt portfolios.

“Collection Triggers has helped us improve our collections efficiency and increase our profits dramatically,” said Jack Sortino, director of portfolio placement for First American Investment Company. “The tool has helped us with all aspects of the collections process — from right-party contacts to quickly alerting us when new information points to a high probability of recovery. Using Collection Triggers has far exceeded our expectations.”

“The amount of debt recovered using Collection Triggers was nearly $215,000 from May through July 2007 alone, nearly $30 collected for each dollar spent. You can’t beat a 300 percent return on investment,” said Sortino.

Sortino said First American Investment Company began using Collection Triggers in May 2007 to monitor several thousand delinquent accounts and now monitors more than 60,000 accounts. Collection Triggers monitors the company’s collection accounts that range from two to five years old and notifies the company within 24 hours when new contact information or changes in a debtor’s ability to pay are found, such as a new telephone number or a new credit account. 

Once the information from the trigger is received by First American Investment Company, it’s turned over to a network of more than 150 collection law firms that concentrate efforts on those accounts most likely to pay.

“Collection Triggers is a powerful and cost-effective tool that empowers collectors with timely and accurate data,” said Dan Buell, vice president, Collections, Experian. “Our goal is to help clients like First American Investment Company maximize return on investment and improve profitability. We continually advance and develop products to serve the marketplace using our data, technology and industry expertise.”

As with all Experian data and information services, Collection Triggers complies with all legal requirements and regulations governing the responsible use of information.