Monday, Aug. 20, 2007, 08:00 PM UPDATED 11:59 AMBy Nick Zulovich
DENVER — First Data Corp. recently announced that First Data Solutions, its information and analytics unit, is making its Notify Solutions product available to all First Data Solutions clients.
According to officials, Notify Solutions provides timely bankruptcy and deceased notifications to enable organizations engaged in collections, receivables management and auto finance to react quickly to changes in accounts.
Receipt of these timely alerts helps the organization proactively and efficiently manage account changes that impact the business, officials continued.
"Industry statistics continue to show that a significant percentage of credit losses experienced by financial institutions and receivables management operations are due to bankruptcies," explained Mike Geppert, president of First Data Solutions.
"In today's environment, the ability to react quickly to the bankruptcy life cycle, recover losses and avoid further risk is critical to an organization's bottom line. Armed with this information, First Data Solutions clients can quickly make decisions such as removing the account from the collection process or eliminating mailings and attempts at ongoing communication," he added.
Compiled from the public records of more than 7,000 federal, county and local courthouses, First Data Solutions' public records collection system is one of the largest and most comprehensive in the nation, according to the company.
Bankruptcy data, which is updated daily, is compiled from all 50 states, Guam, Puerto Rico and the U.S. Virgin Islands. Deceased data, updated weekly, is compiled from all 50 states, Puerto Rico and the U.S. Virgin Islands and includes all deaths reported directly to the Social Security Administration.
Notify Solutions is available to all First Data Solutions clients. They simply need to their customer service representative to begin the process, executives pointed out.