Neustar Revolutionizes Collections with Authoritative Contact Intelligence Solution
New solution provides behavioral insights, phone verification and appended phones to help improve the accuracy, and effectiveness of outbound contact strategies
Neustar, Inc., a trusted, neutral provider of real-time information services, today announced the availability of its Authoritative Contact Intelligence for Collections solution. The authoritative contact solution was created to help improve right-party contact (RPC) rates by verifying consumers’ phone number(s), identifying the best phone to utilize, indicating the most likely contact window, and appending a best phone if there are gaps. By leveraging Neustar’s authoritative insights, businesses can increase their ability to contact the correct person, on the right telephone number at the best time, and on first outreach.
Recognizing that an alternative solution to autodialing and traditional skip tracing was needed, Neustar created its authoritative data solution to provide precise links between a consumer’s phone number, identity information and demographics, and then overlay insights on the phone including a time window when an outbound call is most likely to be answered. Leveraging telecommunication data, industry and data expertise, and world-class identity data, Neustar is able to combine consumer insights from wireless, VOIP and nonpublic numbers to provide essential information previously unavailable to the industry. This includes comprehensive phone identity scoring and industry leading attributes on whether a phone is in-service, and the most likely times to reach a consumer. The result is a much more intelligent and cost-effective contact strategy, focusing dialing efforts on calling the right phones at the best possible time.
“With over 35 million yearly disconnects, ports and other phone number changes in the U.S. alone, the task of keeping consumer contact information up-to-date, and accurate is challenging for even the most sophisticated companies,” said Tom Nowaczyk, Director, Risk, TCPA and Fraud Solutions, Neustar. “Authoritative contact intelligence is the first step in combining the most accurate insights to improve right-party contact rates and mitigate potential TCPA violation risks.”
For decades, collection companies have had to rely on large quantities of imprecise credit header and demographic information for their contact strategies, resulting in wasted productive hours, decreasing liquidation rates, and increasing risk. Inaccuracy of data and outdated methods of contact, including form letters and landline calling strategies, have contributed to over 12 trillion dollars of outstanding consumer debt in the United States. The prominence of wireless devices in the United States – over 95 percent of Americans own a mobile phone and over 50 percent of U.S. homes are solely dependent on wireless devices – has motivated collection companies to focus on investing in smarter and safer wireless contact strategies. Traditional data companies and credit bureaus are built on limited demographic data, whereas Neustar builds identity insights around industry leading digital identity, demographics, and mobile phone data. Another key driver encouraging organizations to focus on the quality of data, over quantity, has been the Federal Communications Commission’s Telephone Consumer Protection Act (TCPA), which requires organizations to receive written consent before contacting consumers by phone or text, or risk federal financial penalties and class-action lawsuits worth millions of dollars.
“Being able to contact customers without risk of negative financial or reputational repercussions is mission-critical and we’re excited to offer organizations the tools they need to apply a more comprehensive, and more intelligent approach to creating contact strategies that enable operational efficiency,” shared Sai Huda, General Manager, Risk Solutions, Neustar. “As a trusted provider of identity solutions this latest offering reflects Neustar’s commitment to continually providing unparalleled high quality value propositions to our clients.”
Neustar will be attending the annual Receivables Management Association (RMA) conference on February 6-8, 2018 in Las Vegas, Nevada. Meet our expert team at Booth #120 to discuss a complimentary data test using the Authoritative Contact Intelligence Solution. In addition, Mitchell Young, Neustar’s Executive Director, Identity Solutions will be participating in a technology roundtable on Leveraging OmniChannel Strategies to Communicate with Customers on Wednesday, February 7, 2018 from 3:00-3:50 pm PST.
Neustar, Inc. is a leading global information services provider driving the connected world forward with responsible identity resolution. As a company built on a foundation of Privacy by Design, Neustar is depended upon by the world’s largest corporations to help grow, guard and guide their businesses with the most complete understanding of how to connect people, places and things. Neustar’s unique, accurate and real-time identity system, continuously corroborated through billions of transactions, empowers critical decisions across our clients’ enterprise needs. More information is available at https://www.home.neustar.