License Plate Recognition (LPR) and DRNsights, DRN’s proprietary analytics platform, offer lenders a powerful tool that can be useful throughout the loan process. DRNsights combines LPR data with patented analytics to build complete vehicle stories. These insights can help lenders make informed risk decisions, increase collection efficiency and streamline vehicle recoveries.
Using LPR early in the loan cycle can help lenders manage risk by confirming borrower addresses and detecting fraud. In addition, risk modeling and analytics can help lenders assess and understand which vehicles have a higher chance of recovery, allowing them to make better decisions on high-risk accounts. All of this reduces loss, maintains healthy customer relationships and enables lenders to write better – and more – loans.
- Risk Scoring: Identify both low-risk and high-risk accounts early in delinquency so lenders can make more informed decisions on how to service their customers. Lenders can understand which accounts to focus on based on their risk level and make proactive adjustments to increase the chances of keeping a debtor in good standing.
- Active Duty Alerts: Lenders can use these alerts throughout portfolio monitoring to ensure accounts linked to active service members are flagged and treated appropriately under the Servicemembers Civil Relief Act (SCRA).
As accounts enter the collections phase and into past due stages, lenders can use DRNsights to make successful contact with customers.
- Skip Trace: Combines vehicle location data with public records, then scores addresses for accuracy to help confirm which one is most likely correct. This can reduce costs by helping lenders avoid purchasing unnecessary data while saving collectors time. Lenders can also reach customers sooner to better understand their circumstances. This can lead to arrangements such as deferments or payment plans that help customers keep their vehicles longer, creating a better outcome for everyone.
- Loss Alerts: Provide real-time notification of impounds or accidents, helping lenders reduce storage fees or prevent charge offs and skip fees.
Once accounts reach charge off, LPR becomes a useful recovery tool.
- Vehicle Search: Confirms addresses using vehicle location data and intelligent data scoring. Automatic data refreshes help recovery agents make faster right-party contact. Vehicle Search also provides suggested recovery times and real-time notifications of vehicle sightings.
Are you ready to learn more about how DRN can strengthen your portfolio’s performance throughout the loan cycle? Contact us here.