PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

LexisNexis Risk Solutions Acknowledged as a “Data Enhancer” Giving Collections Departments an Edge, According to Mercator Advisory Group Report

PaymentsJournal by PaymentsJournal
August 15, 2017
in Press Releases
0
LexisNexis Risk Solutions Acknowledged as a “Data Enhancer” Giving Collections Departments an Edge, According to Mercator Advisory Group Report
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

New study on U.S. credit card debt advises card issuers on how they should operate in order to prevent a surge in losses

 

ATLANTA (August 15, 2017) – LexisNexis® Risk Solutions, a part of RELX Group plc, has been named in the Mercator Advisory Group report, “U.S. Credit Card Debt: Circle the Wagons and Fortify,” as a data provider offering specialized tools, which give collections departments an edge.

 

Mercator’s Brian Riley suggests that the U.S. Card business is becoming riskier, making it urgent for issuers to take stock in their collection tools.  Targeted, more effective collection strategies will ensure that issuers who wanted to be “top of wallet” are also “top of the household budget.”

 

Data enhancement is one of the “nine essential facets for a well-designed collection strategy,” according to the Mercator report. It is critical in assessing whether a consumer who defaults on a credit card payment might also default on other loans.

 

“Routine national credit bureau updates add value, but specialized tools, such as those offered by LexisNexis Risk Solutions, integrate into the workflow and strategic process with keen insights on a customer’s ability to repay, right-party contact numbers, and skip-tracing reconnaissance,” says the report.

 

“We are pleased to be included in this Mercator Advisory Group report, which recognizes our strength as a leader in providing data and analysis to the collection industry,” says Linda Straub Jones, director of collections compliance, LexisNexis Risk Solutions. “We work closely with clients to assess their needs and then provide the necessary customer data to create a smooth collections process.”

 

Having an effective collections strategy is an area of focus for credit card issuers, as household debt outpaces household incomes and defaults are on the rise. According to the Federal Reserve Bank of New York, U.S. household debt increased by $460 billion in 2016, the largest increase in 10 years. Meanwhile, credit cards with 30-day delinquent balances increased from 5.15 percent to 5.90 percent between Q1 2016 and Q1 2017.

 

The report also notes, “LexisNexis Risk Solutions can also enhance data with information covered under the Fair Credit Reporting Act, such as bankruptcy, civil and criminal judgments, and beyond the limits of FCRA, including telephone contact points and residential information.”

 

“This report highlights the importance for credit card issuers to use data and analysis that goes beyond what is offered in traditional credit reports,” says Straub Jones. “LexisNexis Risk Solutions’ advanced linking technology accurately links consumers to addresses and phone numbers, so that credit card issuers can communicate effectively with the customer about resolving delinquent accounts.”

 

For more information about LexisNexis Risk Solutions, please reach out tolinda.straub@lexisnexisrisk.com

 

About LexisNexis® Risk Solutions

 

At LexisNexis Risk Solutions, we believe in the power of data and advanced analytics for better risk management. With over 40 years of expertise, we are the trusted data analytics provider for organizations seeking actionable insights to manage risks and improve results while upholding the highest standards for security and privacy. Headquartered in metro Atlanta, USA, LexisNexis Risk Solutions serves customers in more than 100 countries and is part of RELX Group, a global provider of information and analytics for professional and business customers across industries.  For more information, please visit www.lexisnexis.com/risk.

Tags: Credit CardsDebitLexisNexisMercator Advisory Group
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    Google Wallet Expands Features

    Google Wallet Continues to Bet on Digital with Expanded Features

    June 2, 2023
    digital value

    How Embracing Digital Value Can Help Solve the B2C Payments Conundrum

    June 1, 2023
    instant payments, real-time payments, RTP

    Banks Developing Instant Payments Products in the U.S. Should Focus on Billers to Generate New Revenue Streams  

    May 31, 2023
    Digital Wallet Use Delivers on Convenience and Security

    Digital Wallet Use Delivers on Convenience and Security

    May 30, 2023
    5 Ways to Protect Your Financial Institution from a Cyberattack

    5 Ways to Protect Your Financial Institution from a Cyberattack

    May 26, 2023
    traditional banks

    How Traditional Banks Can Modernize Without Risk

    May 25, 2023
    identity fraud

    Javelin’s Identity Fraud Study Highlights the Changing Nature of Fraud

    May 24, 2023
    SASE, security-as-a-service

    Security-as-a-Service Secures
    Distributed IT Models

    May 23, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download this complimentary report from CSG Forte: