Neustar Inc., a global information services and technology company and provider of identity resolution, has launched SmartTrace, a service that improves traditional skip tracing efforts used by first and third party collections agencies to reach unresponsive account holders, the company said.
Neustar is hosting a webinar to offer an in-depth look at the new service on Wednesday, July 22, at 1 p.m. Eastern Standard Time.
Traditional skip tracing tactics — the process of locating a debtor — often rely on out-of-date customer relationship management databases, causing collections agents to waste time and resources calling or emailing inaccurate phone numbers or email addresses. Around 97% of dialed skip trace numbers are incorrect according to Neustar´s internal survey of existing collections professionals.
Additionally, evolving consumer privacy safeguards add a layer of compliance and financial risk for collectors. Proposed legislation from the Consumer Financial Protection Bureau limits the number of times per day a collector can reach out to debtors, including calls to incorrect numbers. Further, the FCC´s Telephone Consumer Protection Act regulations prohibit using auto-dialers and pre-recorded messaging when calling wireless devices without the consent of the called party. As a result, collections professionals are seeking solutions that drive greater proficiency in their efforts.
SmartTrace addresses these inefficiencies and compliance risks by providing only authoritative, high-quality contact data to increase answer rates, maximize revenue recovery and reduce compliance risk. The service delivers the top three phone numbers for each contact and utilizes patented customer contact intelligence and predictive insights to provide the best time to call each number.
The solution is fueled by the Neustar OneID® system, which leverages hundreds of authoritative data sources, continuously corroborating consumer and device identity in near real-time, to deliver industry-leading consumer identity resolution and phone behavior intelligence while also increasing significant key performance indicators including reaching customers in fewer attempts, increasing right party contact rates and decreasing net credit losses.
Neustar is an information services and technology company and a provider of identity resolution providing the data and technology that enables trusted connections between companies and people at the moments that matter most. Neustar offers industry-leading solutions in Marketing, Risk, Communications, Security and Registry that responsibly connect data on people, devices and locations, continuously corroborated through billions of transactions. Neustar serves more than 8,000 clients worldwide, including 60 of the Fortune 100. Learn how your company can benefit from the power of trusted connections here: home.neustar.