Equifax launches default insight service
The Equifax Recovery Insights solution should help organisations optimise their collection and recover strategies and the data provided will allow in-house departments to assess the likelihood of repayment and identify the most effective strategy to handle each account.
Paul Birks, decision solutions director, Equifax, said: “The average personal debt per UK adult is £28,968, and banks and building societies write off billions in loans every year.
“Gaining a deeper understanding of customers’ behaviour when they are in default helps creditors manage their resources efficiently, while equipping them with the in-depth knowledge required to treat customers fairly.
“We want to build confidence in debt collection by providing a solution that makes the entire process more transparent, easier to understand and more effective for all involved.”
Equifax Recovery Insights works by analysing customer data from banks, financial services companies, telecommunication companies, utilities and debt collection agencies.
Characteristics and scores are then calculated based on post-default payment data of customers across all their defaulted debts, allowing companies to prioritise accounts and optimise recovery strategies based on what customers’ can afford to pay.
Equifax is marketing the solution to client groups including banks, utility providers, automotive financers and debt collectors and purchasers.