TransUnion Survey

Online Databases Help Collectors Double Right Party Contact Rates

CHICAGO, IL--(Marketwired - February 08, 2016) - A new survey from TransUnion (NYSE: TRU) found that nine in 10 (95.2%) collectors have improved their right party contact rate since using online databases and sophisticated technology. Nearly three in 10 respondents (27.4%) have more than doubled their right party contact rate by using online databases to uncover information.

Right party contact information -- such as phone numbers, addresses and place of employment -- helps debt collectors reach the right person on the first attempt. More than eight in 10 (85.5%) collectors surveyed by TransUnion said online databases greatly improve the accuracy of customer information.

"As right party contact rates become increasingly important, the collections industry needs to invest in databases with search technologies to identify the best contact information," said Peter Ghiselli, vice president at TransUnion. "Our survey findings clearly demonstrate the value of using an online database with up-to-date, accurate and actionable data."

The survey also found that despite the benefits derived from using online databases, only 57.6% of respondents said they always use them. Approximately 40% said they "sometimes" use the databases. "We have shown the value of using online databases and it would be in the best interests of collectors to embrace this technology to help improve their process and aid them with their compliance efforts," added Ghiselli.

Uncovering Best Practices and What Works

According to survey respondents, having one best phone number for an individual is the most important aspect of right party contact information. Seven in 10 respondents (67.9%) ranked having an accurate phone number as the most important tool, while 63.9% ranked address as one of the most important pieces of information.

"One best phone number, available through TransUnion's TLOxp^® solution, allows business to achieve better results while investing fewer resources," said Ghiselli. "At TransUnion, we combine credit and alternative data with sophisticated analytics through a variety of products and services to offer collectors the latest available information to improve right party contact rates."

Respondents' Rankings of Most Important Right Party Contact Information Types

Type of Right Party Contact Information

Percentage of Respondents