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Collections and Recovery for Auto

Equifax Automotive Services provides collections and recovery solutions for lenders

Reach and recovery fast

Mitigate loss with an informed collections strategy that reveals which debtors are most capable of re-paying, and how to make fast contact with them—before other creditors do.  Equifax offers a powerful mix of specialized collections data and technology that helps you efficiently and effectively recover more of your automotive loan debt.

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Automated Collection Transactions (ACT)

Empower your collection team by prioritizing your delinquent automotive accounts by updating all collections files at once, with fresh customer data, and then automatically ranking them based on their ability to pay. EnACT enables auto lenders to access the latest contact information, including current and former address, employment data, compiled financial information and auto-specific scores predicting income and the likelihood of recovery. You get enhanced visibility into a borrower's propensity to pay to help you:

  • Increase collections productivity
  • Minimize write-offs
  • Optimize your collection strategy
     

For the most effective collections strategy, integrate ACT with other solutions from Equifax such as Collections Insights.

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Collection Insights

Maximize debt collection by recognizing when a borrower's ability to pay has improved, and act fast to collect the delinquent balance. Equifax Collection Insights combines our market-leading contact data with select credit-based triggers to provide you with daily alerts indicating when changes in a debtor's contact data or credit profile occur so you can quickly re-initiate your collections efforts. This solution helps you: 

  • Reduce charge-offs by easily locating debtors
  • Optimize performance by timing recovery efforts with key borrower indicators
  • Streamline collections processes with refined queue segmentation and strategic resource allocation
     

For the most effective collections strategy, integrate Collections Insights with other solutions from Equifax such as FirstSearch.

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FirstSearch

Get to your delinquent borrowers first, by getting the right contact number. Expertly designed for collection professionals, FirstSearch gives you fresh, new location information from various proprietary sources, including billing record and payment history data from the utility, pay TV and wireless communication sectors, which are among the first to know when individuals move or request new service at a physical address. It's proven to deliver up to a 20 percent lift in right party contacts and a 50 percent direct hit ratio. This solution can help you:

  • Access exclusive, previously untapped data sources on millions of consumers daily
  • Receive more right-party addresses, right-party telephone numbers and unique phone numbers
  • Recover more debt, faster, by reaching your auto loan debtors before other collectors
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Recovery Report

Recovery Report is an abbreviated consumer report, tailored specifically for collections, that helps automotive lenders improve skip-tracing efforts and better determine a consumer's ability to pay.

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