Data Warehousing

tracehunter v6 can now be used as a complete data warehousing tool allowing you to manage the entire collections process of handling, distributing and segmenting collection cases. tracehunter v6 is not only a robust gateway for trace but a management gateway for the entire debt collection process for delivering your collections strategy.  

Benefits of data warehousing through tracehunter v6:-

·         A single robust gate way for managing the entire collections process

·         Map and automate data routines with rules to ensure efficient processing

·         Maintain a complete history of all data

·         Integrate data from multiple sources

·         Enhance overall data quality

·         Provide a single common data model

·         Display data it a simple to use business level

·         Add value to operational business applications, for example improve customer relationships.

For more information on how tracehunter v6 can become a data warehouse and the added value that it can offer your collections function why not get in touch by any of the means listed below: -

Email: Info@tracehunter.co.uk

Telephone: 0161 713 2213

Mail: Focus Software Systems, Trafford Plaza, Seymour Grove, Manchester, M16 0LD

Website: http://www.tracehunter.co.uk

Fax: 0161 713 2212

Book Your Place At Trace & Technology Manchester Today! Event 12th of Feb.

Visit  traceandtechnologymanchester.eventbrite.co.uk/ to book your place at this event.

T: 0161 713 2213
W: http://www.tracehunter.co.uk
E: info@tracehunter.co.uk 

Errors on Credit Files – What is Going Wrong?

“As Credit becomes harder to obtain, an individual’s credit report is becoming more and more important” (Gardiner, 2012). A recent Which? survey found that 12.5% of consumers have errors on their credit files, so that is 1 in every 8 people with and incorrect black mark against their name. This is a surprising if expected finding. So what is going wrong? The reason there are errors on credit file is at some point in time the incorrect person has been identified and located as a debtor during the trace process. 

This can happen for many reasons. However, the majority of these errors will be due to human error, so how can these errors be prevented and properly managed when they do happen? 

Prevention 

Businesses that have the ability to add notes to people’s credit files should have the systems in place to prevent errors from happening. Therefore, there must be a lack of systemisation to have such a number of people with errors. There is now more data and technology than ever before available. Through the use of automation and systemisation it is possible to drastically reduce human error. For example, some software platforms, such as tracehunter, have automated predefined rules for the trace process meaning a trace to locate a debtor can only be closed once the correct level of confirmation as to a debtor’s true location has been reached. 

Dealing with enquiries 

If and inevitably when there is an inbound call from someone questioning the validity of a mark on their credit file it is critical to have the processes in place to deal with these enquiries as quickly as possible. Most people do not mind a mistake as long as it is rectified in a timely manner.

The Cost of Failure 

If an error is not dealt with in a correct and timely manner the possible short term financial cost is relatively low. For example, the majority of Financial Ombudsman Service awards are less than £300 and relatively few cases amount to civil claims. Nevertheless time commitments of senior staff could be high and the possibility of negative brand connotations could be even higher.

·         T: 0161 713 2213

·         E: Info@tracehunter.co.uk

·         W: http://www.tracehunter.co.uk

Total Debt in Collection Revealed by CSA – Do you have an Opinion to Share?

There is currently £31billion with collection agencies and £27billion with debt purchasers. This is actually £2.2billion more than the total government budget for protection (police, law, courts) and transport which stand at £33.4billion and £22.4billion respectively for 2012. This total debt is spread across a wooping 32million accounts which is quite similar to the size of the UK working population. Therefore for visualisation purposes would mean that each person of working age in the UK would owe the equivalent of £1,810 to a collections agency or purchaser. 

Only 6 months ago the total debt with DCA’s or Debt Buyers was £6 billion less with 4million fewer cases. Is this growth in the industry sustainable? Does it mean that firms need to become more productive in order to gain from this growth?

Solicitors Join the CSA

Back in February a vote was held at the CSA annual meeting in which the decision was taken to allow solicitors to join the ranks of CSA membership. Two months on the first solicitor has joint and there seems to be growing interest, however, there hasn’t been the flood that some expected.

There has been a great difference of opinion over the past year during discussions as to whether this was the right move or not. As some believe the sway of the CSA will move away from looking after the interests of debt collectors in order to meet the needs of a growing membership basis. Only time will tell as to whether it was the right move to make, the CSA did put it to the vote of current members, however, with such a low turnout some questioned the validity of it.

Dealing with the Issue of Fraud

Fraud losses in the UK cost £30bn a year, this is equal to £621 per adult in the UK. Fraud leads to inevitable increased levies on goods and price rises to cover the extra cost imposed on society and this cost is only set to increase owing to the economic downturn.

The potential for a trace to be preformed and the correct person to be identified is growing through improved technologies. Conversely, so is the risk that they (the suspected debtor) may have been the target of identity fraud. Therefore, they know nothing of the debts that they supposedly owe, the question is raised how do you deal with this issue? The main way is through improved information sharing both internally within an organisation and externally with the industry as a whole. Allowing for a better picture to be built of those unlucky few who have been the subject of fraud, uncovering fraudulent activities is of benefit to many within an organisation or industry.

To find out more about the benefits tracehunter can offer you and your trace function, why not give us a ring today on 0161 713 2213.

tracehunter Demonstration

Would you like to see what tracehunter can do for you? Interested in what people are talking about? Don’t believe tracehunter can save you time? Looking at growing or starting a trace department?

Then get in touch to see how we can help.

If you would like to book in a slot for a no obligations web demonstration, email us at info@tracehunter.co.uk or call our customer care line on 0161 713 2213 and we will arrange a date to show you what tracehunter can do to enhance the productivity of your debtor trace department while simplifying trace compliance.

tracehunter

A new adaptation to tracehunter’s bulk processing capabilities allows even simpler processing of bulk debtor cases, with unprecedented levels on trace automation. This allows for substantial cost savings while increasing your control over the entire debtor trace process, reducing agent time per case significantly.

tracehunter has solid and proven results to find out more:

Visit us http://www.tracehunter.co.uk

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tracehunter

Ultimate debtor trace management software

Call us on 0161 713 2213

Visit us at http://www.tracehunter.co.uk

We also offer free trace consultations, with regards to industry compliance.