License Plate Recognition (LPR) and DRNsights – DRN’s proprietary analytics platform – offers Lenders a powerful tool that can be useful at all points of the loan process. DRNsights uniquely combines billions of LPR records with patented analytics to build full vehicle stories. These 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: Pairs billions of license plate detections with public records, then scores the addresses for accuracy to confirm which one is most likely correct. This saves cost by helping lenders avoid buying unnecessary data and by saving collectors’ time. Lenders also can reach customers sooner to better understand their circumstances. This often leads to arrangements like deferments or payment plans that help keep customers in their cars longer, which is a better outcome for all.
- 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 billions of license plate detections and intelligent data scoring. Includes automatic data refreshes to help recovery agents make faster right party contact. Vehicle Search also provides suggestions for the best times to recover the vehicle 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.