PR - TransUnion Launches Triggers for Collections for Medium-Size Debt Buyers and Agencies

TransUnion today introduced its Triggers for Collections solution to assist medium-size debt buyers and agencies with collecting on their debts arising from credit transactions. Using a predefined set of highly predictive triggers tailored for collections, the Triggers for Collections solution continually monitors consumer data, alerting users to key changes in contact and credit information as soon as the next day.

Given the volatility of today’s market climate, lenders, debt buyers and collection agencies are faced with ever-increasing challenges in reaching debtors while still maintaining a return on investment. The Triggers for Collections solution will better enable these businesses to collect on debts with greater accuracy and speed.

TransUnion’s latest product offering allows customers to move old debt to active status, more effectively targeting those accounts most likely to pay. While TransUnion already offers highly-customized solutions with hundreds of triggers, Triggers for Collections provides a simple, cost-efficient package for customers who seek faster service by utilizing less triggers. Implementation is quick, customers can begin recovering old debt in only one week’s time from the day they contact a TransUnion representative.

"Prioritization is a key piece in collecting debts, but businesses can’t stop there," said Kevin Derbyshire, director of business consulting for TransUnion. "It takes a combination of analytics, use of triggers, accurate and daily-updated contact information and overall prioritization to help increase return on the dollar with collections."

One of the greatest challenges for collections customers is deciding how to allocate resources to maximize their ability to recover what is owed to them, while reducing the overall cost of recovery.

TransUnion’s Triggers for Collections, both the customized and new package with pre-defined triggers, allows businesses to more quickly reconfigure debt portfolios and cost efficiently target meaningful accounts. Some of the key triggers include new mortgage accounts, new credit card accounts and any address changes. Additionally, it helps reprioritize accounts to increase the return on the dollar invested from these collection activities.

The Triggers for Collections solution is cost efficient and easy to integrate, eliminating the need for complex programming and continuous pulling of credit reports. This tool works in tandem with TransUnion’s other collections solutions including Strategy Builder, which provides the best treatment strategy for reaching the prospective payer, and the Collections Prioritization Engine, which determines the ability to pay on specific debt portfolios.