ATLANTA, Feb. 9, 2016 /PRNewswire/ -- Today LexisNexis® Risk Solutions announces a new agreement with Recovery Decision Science® (RDS) that makes the highly regarded Paymetrix™ product suite broadly accessible for all collection professionals deploying, or considering deploying, a litigation strategy to collect on unpaid debt or unsatisfied judgments. It is expected that collection revenue via litigation will return to growth in 2016. But collection through litigation today faces three primary challenges: optimizing profitability of strategies, mitigating risks in an evolving regulatory environment, and managing uncertain workloads. As the financial market rebounds and regulatory uncertainty eases, litigation strategies will be developed using more consumer-friendly and profitable approaches. Leveraging innovation in technology, analytics and methodologies, such as the solution offered through the LexisNexis Risk Solutions relationship with RDS, will enable this new way forward.
Collection law firms, debt buyers and loan originators will all be able to leverage these solutions. The new LexisNexis Risk Solutions and RDS relationship provides the collections market with two important tools. Paymetrix identifies and verifies assets and calculates the profitability of suit decisions. The Paymetrix Profitability Index is an advanced model that predicts the probability and amount of repayment via litigation. Unlike other scoring solutions, it doesn't stop there. The model output is combined with court costs and data costs to calculate the Profitability Index. The Index can then be used to establish a custom legal strategy. Verified asset information, including information about employment, bank accounts and real property, as appropriate, may inform suit decisioning and provide the means to satisfy court-awarded judgments. When used together, account- and portfolio-level profitability is optimized by making smart account treatment decisions, by prioritizing efforts and resources and by managing costs to minimize waste and maximize ROI.
"The decision to sue a consumer should not be taken lightly. There is an incredible amount of information that needs to be processed to make the best decision," said Jason Horsley, Director of Market Planning, LexisNexis Risk Solutions. "The new agreement brings order to this complexity and makes it possible to influence change across the industry, so that the collections market can focus on business growth."
"We believe we are best in class and can prove this based on our liquidation rates versus those of competitors," said Jeff Shaffer, Vice President, Analytics and IT, Recovery Decision Science and Unifund. "Equally important is the accuracy of information, which results in suing more correct accounts, lowering the cost of mistakes and improving the return on the court costs and information costs. Teaming with LexisNexis Risk Solutions affords us the opportunity to return to the industry something that has helped make Unifund so successful for so many years."
About LexisNexis® Risk Solutions
LexisNexis Risk Solutions is a leader in providing essential information that helps customers across industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced analytics, LexisNexis Risk Solutions provides products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is part of RELX Group plc, a world-leading provider of information solutions for professional customers across industries.
SOURCE LexisNexis Risk Solutions