Introduction
Approximately 70 million Americans have debt in collections – and roughly only 20% of that debt is recovered. Mitigating risks and staying on top of delinquent accounts is more critical than ever before in the debt collections industry.
License Plate Recognition Technology is an OCR “Optical Character Recognition”
technology that identifies and reads public vehicle plate numbers. It works by capturing an image of the vehicle with the plate, which then processes the characters into text and compares them against a database of registered vehicles. DRN’s LPR technology utilizes a network of recovery affiliates across the United States that capture publicly visible license plate data using high-performance mobile LPR cameras that can be leveraged across multiple industries, transforming the way businesses operate and ensuring superior results.
In DRN’s new DRNsights+ SkipTrace platform – debt collectors now have a way to easily access both their public records data and DRN’s vehicle location insights to expedite the resolution of delinquencies.
What our data consists of
DRN’s vehicle location intelligence combines LPR data and analytics to provide timely insights into vehicle activity and location. Using DRNsights+ Address Scoring, vehicle addresses can be quickly validated, ranked, and used in recovery timing.
How to mitigate your risk
When it comes to creating a risk mitigation strategy, having easy access to accurate public records data to validate information is crucial. DRNsights’ Portfolio Analytics and Risk Scoring uses vehicle location data to provide insights on any secured or unsecured receivables portfolios. Data can be used pre or post-purchase, recovery, or write-off to determine the next steps. You can use this analysis to understand which accounts to focus on based on their risk level and the chance of collectibility to make informed decisions. With our end-to-end solution, we are the one-stop shop from providing risk assessment models, recovery and asset locating services to remarketing, by managing vehicle location and logistics, down to the sale of the asset – increasing your bottom line.
How to reduce your delinquencies
Minimizing delinquencies is vital for the long-term sustainability and success of lenders. By utilizing DRN’s LPR data, you can identify fraudulent activities and alternative addresses prior to payment default. Through address scoring and the use of public records data, associated vehicles with delinquent loans can be located, optimizing right party contact and facilitating payments. DRN’s vehicle location data can be layered with your public records data to create a digital strategy that can reduce overhead as delinquencies grow and streamline your portfolio management efforts.
Conclusion
Our LPR data is revolutionary for the debt collections industry, providing debt collectors with a potent tool to mitigate risk and minimize delinquencies. This vehicle location intelligence allows debt collectors to make data-driven decisions that improve efficiency and financial performance, leading to a more effective collections operation. With DRN’s all-encompassing end-to-end solution, curbing risk and minimizing delinquencies has never been more accessible and effective, making it an essential asset for debt collectors across the nation.