The value of good data is growing, this is confirmed by the rising valuations of the data suppliers on the stock markets. Like the most successful businesses they have been maximising efficiencies, reducing waste and nurturing their USP’s, which in the case of data providers is the quality and quantity of data they have to provide.
The Office of Fair Trading is now putting a “strong emphasis on the data passed between lenders, collection agencies and debt purchasers” and they want to facilitate greater data sharing in the future. However, data houses and credit reference agencies will avoid sharing their data where possible as it is their unique selling point. You would not expect Apple to give any of it patents up to Nokia because they wanted to improve the customer experience.
In the this current volatile environment it is important more than ever to have the correct processes in place in order to deal with the data in the correct manner. Now more than ever the data that is needed to make the correct judgements and decisions with regards to the next step in the collections and recoveries process is available from somewhere, however the issue now lies with being able to interpret and use the information and data available to best effect.
There is no point being able to bulk process a hundred or a thousand cases if you haven’t got the ability to analyse and evaluate the returning data in an efficient and compliant manner.
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