ATLANTA--(FactorTrust, the leading provider of underbanked consumer data, analytics and risk scoring solutions on those underserved by traditional banking channels, today announced the launch of LocateLogic, a skip-tracing solution designed to help lenders and third parties in debt collections locate more debtors, more efficiently.)--
“Because of this growth and the need to maintain the most up-to-date records possible, we have developed LocateLogic to assist lenders and third-party debt collectors in managing accounts in a real-time, accurate environment. Leveraging this solution has the potential of saving time and resources in the collections process.”
LocateLogic leverages FactorTrust’s proprietary source of loan transaction data for contact information specifically on underbanked consumers. “The underbanked market is a rapidly growing and profitable subset of the lending market,” said Greg Rable, CEO for FactorTrust. “Because of this growth and the need to maintain the most up-to-date records possible, we have developed LocateLogic to assist lenders and third-party debt collectors in managing accounts in a real-time, accurate environment. Leveraging this solution has the potential of saving time and resources in the collections process.”
Underbanked consumers are individuals exploring or using alternative financial services for some of their financial transactions, while having a checking or savings account with a traditional financial institution. Because data is primarily derived from borrowers obtaining loans online, the information provided by the consumer is the most accurate available. As a result, collectors who use LocateLogic for skip-tracing will find recent detailed contact information. End users save time with the solution’s robust search capabilities, flexible XML integration and batch file processing.
Additionally, lenders and third parties have the option to layer FactorTrust’s proprietary RecoveryScore solution along with LocateLogic to further assist in streamlining what can be a time-consuming and costly process. Debtors can be assessed and prioritized based on a score, providing increased efficiencies and a highly profitable approach to debt recovery.
Rable continued, “LocateLogic is a natural addition to our suite of underbanked consumer credit solutions. With the tremendous growth in the underbanked industry and with the vital contact information in our database, we realize that our data is an important resource to lenders and third-party debt collectors. Not only is it unique and immediate, but our process enables those in recovery or collections to operate more efficiently.”
FactorTrust has compiled the most comprehensive data on the underbanked market in the industry through lending portfolios that report data daily, in real time. This daily loan performance data on millions of underbanked consumers is analyzed and combined with leading third-party data attributes in order to provide instant lending decisions using the company’s comprehensive scoring platform. Lenders are continually faced with the challenge of how to effectively and intelligently manage risk to capitalize on this segment. This analysis uses data not typically reported to the credit bureaus, and is invaluable in helping consumers have access to better borrowing options, while also providing a more accurate assessment of the consumer for lenders. For more information, please visit www.factortrust.com or call 1-866-910-8497.