LexisNexis Risk Solutions Works With Recovery Decision Science
ATLANTA, GA: The highly regarded Paymetrix™ was announced today by LexisNexis® Risk Solutions. This is a new agreement with Recovery Decision Science® (RDS) that makes 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.
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 to Collection law firms, debt buyers and loan originators.
The new LexisNexis Risk Solutions and RDS relationship provides the collections market with two important tools:
1. ‘Paymetrix’ identifies and verifies assets and calculates the profitability of suit decisions.
2. The ‘Paymetrix Profitability Index’ is an advanced model that predicts the probability and amount of repayment via litigation.
The model output is combined with court costs and data costs to calculate the Profitability Index, which 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.“