COSTA MESA, Calif., May 10, 2010 /PRNewswire via COMTEX/ -- Experian(R) announced today that First Financial Asset Management, Inc. (FFAM) implemented Experian's Collection Triggers(SM) product as a cost-effective and flexible way to monitor a high volume of collection accounts. By integrating Collection Triggers into its daily recovery efforts, FFAM improved operational costs and increased dollar collections by $3.5 million -- a return of $72 for every dollar spent on trigger data.
Powered by an Experian database of more than 220 million credit-active consumers, Collection Triggers delivers daily notifications to clients such as FFAM. These triggers recognize when new key events occur on an account such as employment, contact information or ability to pay.
"With over 1.4 million bad debt accounts, we needed to maximize our efficiency by automating our account monitoring capabilities to better identify and contact those debtors with the ability to pay," said Matthew Maloney, executive vice president at First Financial Asset Management, Inc. "FFAM confidently turned to Experian for its Collection Triggers tool to provide us with reliable, cost-effective account monitoring. Our strong position in the current economy is a testament to how the right tool, when combined with fundamentally sound collection tactics, can really make a positive impact on collections success, improving both top-line revenue and bottom-line earnings." With the notifications generated by Experian's Collection Triggers, FFAM was able to: Collect $3.5 million based on information delivered by Experian's Collection Triggers Eliminate manual skip-tracing activities through automated debtor account monitoring, saving time and money Utilize fresh phone and address information to contact debtors Improve segmentation to identify debtors with the ability to pay and capture key wallet share Focus rapid response efforts on accounts receiving a trigger notification Tailor the talk track and settlement offers for optimal liquidation "With Collection Triggers, a powerful product for all stages of collections, our clients are able to focus their resources and treatment strategies to optimize performance while reducing operating costs," said Dan Buell, vice president, Experian Consumer Information Services.
To receive a copy of Experian's case study on First Financial Asset Management, please contact Kristine Snyder, Experian Public Relations, at firstname.lastname@example.org or 1 714 830 5192.
About Experian Experian is the leading global information services company, providing data and analytical tools to clients in more than 65 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended March 31, 2009, was $3.9 billion. Experian employs approximately 15,000 people in 40 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; Costa Mesa, California; and Sao Paulo, Brazil.
For more information, visit http://www.experianplc.com.
About First Financial Asset Management First Financial Asset Management, Inc. (FFAM) and the First Financial Group of Companies are a U.S. based accounts receivable management firm providing strategic outsourcing services and debt portfolio acquisition and sale services of distressed and non-performing credit intensive assets emanating from the risk management industry.
For more information, visit http://www.1fam.com/.
Experian and the marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein may be the trademarks of their respective owners.
Contact: Kristine Snyder Experian Public Relations 1 714 830 5192 email@example.com Available Topic Expert(s): For information on the listed expert(s), click appropriate link.
Dan Buell https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=92647 SOURCE Experian www.prnewswire.com Copyright (C) 2010 PR Newswire. All rights reserved -0- KEYWORD: California INDUSTRY KEYWORD: FIN SUBJECT CODE: JVN