First Financial Asset Management (FFAM) has implemented Experian's Collection Triggers product as a way to monitor a high volume of collection accounts.
By integrating Collection Triggers into its daily recovery efforts, FFAM has claimed that it has improved operational costs and increased dollar collections by $3.5m, a return of $72 for every dollar spent on trigger data.
Powered by an Experian database of more than 220 million credit-active consumers, Collection Triggers delivers daily notifications to clients such as FFAM. These triggers recognize when new key events occur on an account such as employment, contact information or ability to pay.
With the notifications generated by Experian’s Collection Triggers, FFAM was able to: eliminate manual skip-tracing activities through automated debtor account monitoring; utilize fresh phone and address information to contact debtors; improve segmentation to identify debtors with the ability to pay and capture key wallet share; focus rapid response efforts on accounts receiving a trigger notification; and tailor the talk track and settlement offers for optimal liquidation.
Matthew Maloney, executive vice president at FFAM, said: With over 1.4 million bad debt accounts, we needed to maximize our efficiency by automating our account monitoring capabilities to better identify and contact those debtors with the ability to pay.
FFAM confidently turned to Experian for its Collection Triggers tool to provide us with reliable, cost-effective account monitoring. Our strong position in the current economy is a testament to how the right tool, when combined with fundamentally sound collection tactics, can really make a positive impact on collections success, improving both top-line revenue and bottom-line earnings.