FORT WORTH, Texas, May 10, 2017 /PRNewswire/ -- Philadelphia Federal Credit Union (PFCU), an early adopter of DRN's enterprise subscription for auto finance, DRNsights, reports more cured loans and fewer charge-offs resulting from improved auto debt collection and recoveries. PFCU uses DRNsights in early stage delinquency to find new locations for making right party contact to collect and cure loans, and also uses the data and analytics at repossession for faster recoveries, saving time and money.
PFCU averages 15-20 vehicles assigned to repossession every month. By applying DRNsights at early stage delinquency they are reducing the number of vehicles that go to repossession and are curing more loans. For example, in one month PFCU had 19 vehicles assigned to repossession. Using DRNsights to make contact they cured 11 loans and repossessed two, saving over $150,000 in potential losses.
"Like many credit unions, we had been using DRN's data to improve our recovery rates, waiting until late stage delinquency to apply the data. And it worked. Not only were we recovering more vehicles, but we were recovering them faster. And faster recoveries mean higher value of the collateral. But then we learned that we could use that same data in early stage delinquency to help us make right party contact through the DRNsights subscription. The impact has been remarkable – we are making better decisions sooner and that means added savings on loans that are cured, dollars not wasted on repo, or faster repos to avoid charge-offs and retain more collateral value," said KellyAnn Forrest, Asset Recovery and Collections Specialist for PFCU.
"PFCU began using DRN's vehicle location data at recovery when vehicles were out for repossession. It quickly became apparent that the data and analytics could add tremendous value to their collections process simply by using the data at early stage collections. That pivotal change enables PFCU to make right party contact faster using new DRN locations. More contact means more cured loans and fewer repos for PFCU," said Jeremiah Wheeler, Vice President of Financial Services for DRN.
Vehicle location data from Digital Recognition Network (DRN) revolutionized the repossession industry by helping lenders recover up to 35% more vehicles and avoid charge-off losses. DRNsights leverage DRN's vehicle location data and analytics to help lenders better understand their customer's needs, provide new locations for making right party contact, enable faster recovery and reduce charge-off losses. The vehicle location data is gathered 24/7, 365 days a year nationwide through license plate recognition (LPR) technology. DRN's nationwide coverage with over six billion vehicle sightings includes the date, time and location of each sighting. This data provides alerts of possible risk, protection from lien losses, new locations for making contact on 40% or more accounts, the ability to collect earlier to reduce charge-offs, and a 50% reduction in the days to recover vehicles out for repossession.
DRN is a leading provider of data and analytics to the Financial Services, Insurance and Asset Recovery industries. Our solutions enable our clients to more effectively optimize their portfolios, reduce losses, detect fraud, and manage risk. An industry pioneer in vehicle location data and license plate recognition technology and services, DRN covers every major metropolitan area in the United States and maintains the largest vehicle location database under strict standards of privacy, compliance, and data integrity. To find out more, contact firstname.lastname@example.org, visit us online at www.drndata.com, or call us at (817) 877-0077.
About Philadelphia Federal Credit Union
Philadelphia Federal Credit Union was founded in 1951, originally to serve the financial needs of Philadelphia municipal employees. Today, with more than 114,000 members and assets in excess of $1 billion, we are among the top six credit unions in the area, serving the owners, employees and directors of more than 400 organizations throughout Pennsylvania, New Jersey and Delaware. Our mission is to provide for the financial well-being of our membership through a dedicated and unique combination of professional and personal service. As a member-owned institution, we will invest daily in building one-on-one relationships with our membership.
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SOURCE Digital Recognition Network