The following is a press release put out by LexisNexis on their RecoverScore product for debt collectors. The RecoverScore product is offered through the LexisNexis Accurint service. Our republishing of this press release is for informational purposes only and should not be viewed as an endorsement of the service —
BOCA RATON, Fla.–(BUSINESS WIRE)–Feb. 21, 2006–LexisNexis U.S., a leading provider of information and services solutions, today announced the availability of the RecoverScore(R) solution for its collections customers. In the collections industry, the RecoverScore solution has shown that the top-10 percent of ranked accounts will typically generate 10-times more revenue compared to the bottom 10, and the top-50 percent of scored accounts often produce 80 percent of total payments. The RecoverScore solution uses advanced data mining and modeling techniques to identify the most collectible accounts and rank order them.
The RecoverScore solution analyzes accounts based on debt characteristics, contact ability and liquidity. These are key factors that determine collection effectiveness and can help determine what strategies to deploy in working various accounts. Because the product is linked into the LexisNexis and Accurint(R) data repositories, clients save the time and expenses associated with obtaining information on their own from credit bureaus, skip-tracing services and other data vendors.
“RecoverScore incorporates advanced LexisNexis modeling techniques to help collections professionals focus their efforts on the accounts with the highest probability of recovery,” said Steve Seoane, senior director of analytics for LexisNexis Risk Management. “By offering RecoverScore through Accurint, LexisNexis continues to provide the collections industry with premium technologies and resources that help professionals save time and increase collections.”
The LexisNexis RecoverScore solution has the capability to analyze debt characteristics including type of debt, age of debt, last payment and balance. Furthermore, the product searches liquidity characteristics including homeownership records, commercial properties and other assets, proximity of known relatives and other documentation containing personal records and information to create a rank ordering of accounts.
RecoverScore also provides separate rank orders and scores for different types of account portfolios, such as bank card, utility or medical expenses owed. Clients can easily devise collection strategies based on this specific data.