Neustar introduces SmartTrace as an intelligent skip trace alternative for debt collection

Neustar Inc., a global information services and technology company and a leader in identity resolution, has launched SmartTrace, a service that improves traditional skip tracing efforts used by first- and third-party debt collection agencies to reach unresponsive account holders.

Traditional skip tracing tactics – locating a debtor – often rely on outdated customer relationship management databases, resulting in debt collectors wasting time and resources calling or sending emails to incorrect phone numbers or email addresses. Around 97% of skip trace numbers chosen are incorrect, according to Neustar's internal survey of existing debt collection professionals. Additionally, consumer privacy regulations continue to increase, increasing compliance and financial risk for collectors. A proposed law from the Consumer Financial Protection Bureau limits the number of times a debt collector can contact debtors per day, including calls to wrong numbers. In addition, the provisions of the FCC's Telephone Consumer Protection Act prohibit the use of automatic dialers and prerecorded messages when calling wireless devices without the consent of the called party. For this reason, debt collection experts are looking for solutions that make their work more efficient.

“Poor data sources reduce profitability and anticipated regulatory restrictions place additional burdens on collectors as they strive to remain compliant. Quality contact information is more important than ever.” said Robert McKay, senior vice president of customer identity and risk solutions at Neustar. “SmartTrace enables collectors to make the right connection the first time, at the right time, increasing their chances of revenue recovery, which is critical for businesses in this economic climate.”

SmartTrace addresses these inefficiencies and compliance risks by providing only reliable, high-quality contact data to increase response rates, maximize revenue recovery and reduce compliance risk. The service delivers the top three phone numbers for each contact and uses patented customer contact information and predictive insights to provide the best time to call each number.

The solution is based on the Neustar OneID® system, which leverages hundreds of authoritative data sources and continuously confirms consumer and device identity in near real-time to deliver industry-leading consumer identity solutions and phone behavior intelligence while improving key performance indicators including, but not limited to, customers with less attempts to achieve, increase contact rates from the right parties and reduce net credit losses.

To register for the Neustar webinar “Avoiding Wasted Time and Dials – Intelligent Alternatives to Skip Trace Data” on July 22 and learn more about the SmartTrace solution, visit register/WN_uQr0SiqkTHe1pvFXe7_6oA.

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