The VeriFacts Recovery Network is a unique and cutting edge alternative for your delinquent account collections that;

v Delivers improved and consistent gross collection results.

v Combines the power of location analytics and processes to find more consumers.

v Provides a simple, effective, and consistent litigation flow process.

v Provides continuous “real time” access to the activity and status of each account.

v Is cost effective and secure.

v Delivers attractive Net Return on Investment.

What Is The VeriFacts Recovery Network?

The VeriFacts Recovery Network consists of industry leaders in collection recovery combined into one effective collection solution for your company.

Location Information-It is much more difficult to contact the consumer now more than ever before. You simply cannot collect or serve unless you can find your consumer. In turn, you cannot collect on a judgment unless you can find an income stream or asset. VeriFacts, Inc. is the industry leader for providing guaranteed residential and place of employment contact information. Their 20 years of experience, immediate access to the fresh and unique data sources, and proprietary processes deliver more places to serve and garnish your customers. More located consumers equate to more recoveries.

Collection Law Firms- The key to an effective litigation strategy is to use the best providers and use the best practices to provide consistent results. We have partnered with industry recognized law firms in each state based on their performance, reputation, security, and commitment to “best practice” work standards that ensure your accounts receive the best efforts at all times.

Claims Management and Information- We recognize that access to claims data and information are critical in an effective legal recovery process. Our network uses the industry leader for data delivery and data management, Automated Collection Control’s YouveGotClaims service to deliver new collection claims to our law firms. This service provides a convenient and cost-effective method for the senders of the claims to track, manage and analyze the collection portfolios.

By leveraging the power, experience and expertise of these partners, the VeriFacts Recovery Network is able to provide our customers with a convenient, consistent, and effective strategy to improve their collection effort.

What Makes Us Different?

There are many legal networks and solutions in the recovery industry today that a customer can choose from. What sets the VeriFacts Recovery Network apart from others is the leveraging of all the industry’s best providers and best practices into one simple solution. We give you a complete “turn- key” solution that is simple and effective. We make it easy for you to do business with us, while allowing you the opportunity to view all performance and legal activity in seconds.

One of our most unique features is our commitment to finding more of your customers. Skip tracing and asset location can be an expensive and time consuming process that many others cannot afford or may choose to forego. This can be detrimental to your recovery efforts. Technology advances, privacy concerns, and regulatory restrictions have allowed consumers to be more mobile, more selective on responding to incoming communications, and more difficult to reach. As a result, the Skip and No Contact portions of collection portfolios are growing exponentially. Finding the consumer is the “X Factor” that means the difference between maximizing your collection opportunity, or leaving money on the table.

Our VERIFY 7.5 score is a scientific algorithm that incorporates the two essential decision points for effective location investment, the probability of location, and the consumer’s ability to pay. Using a combination of 50 key consumer demographic and history elements, access to traditional and non-traditional data sources, and 20 years of historical location refinement, our VERIFY score will classify each account’s success probability:

VERIFY 7.5

Probability of Recovery	High	B	A	A
	Mid	C	B	A
	Low		C	B
		Low	Mid	High
		Probability of Location

Once a VERIFY score (success probability score) is identified, each account is compared to a Suit Success Score (SSS) that combines debt class, law firm and state recovery experience, estimated court costs, and estimated service fees.

Then a final score is assigned. This can be used by the customer to determine which investment strategy they wish to deploy. Different debt classes perform differently. Debt class, balance size, delinquency ages, debt status, prior history, legal strategy, etc. are determining factors in the final performance. Every provider in the VeriFacts Recovery Network wants the partnership between VFRN and our customers to be a dynamic, successful, and ongoing venture for all parties. We are not interested in a short term win. Rather we wish to establish a valuable, long term, and profitable partnership built for the years to come.

Why Should I Use VFRN Compared to What I Do Now?

Now you are probably either navigating the entire recovery and legal process on your own, outsourcing portions of the recovery process, using another attorney network, selling your accounts, or doing nothing at all. There is a cost involved for each of these strategies. Measure your costs.

Do Nothing- Probably the worst alternative for most companies. Ignoring the problem and hoping accounts recover on their own is a costly approach. Delinquent Accounts Receivable decline in value daily. According to the US Department of Commerce the average receivable declines in value over 50% in the first year, and nearly 90% over 3 years. These accounts rarely correct on their own

Internal Locate/Recovery and Management- When you handle the locate and recovery process internally, measure your find rates and collection rates. Compare this with measure of direct expenses of wages, tools, phones, and employee benefits. Then apply your overhead expenses of occupation, support, management, etc. One final factor to consider is the Opportunity Cost. It is better to consider this as the cost of Lost Opportunity. Would you rather have more collectors on the phone? How many more collectors could you have earning you $200-$300 per hour rather than expending these resources?

Outsourcing Portions of the Process-Outsourcing can be a cost effective method to achieve your recovery goals. Compare find rates, gross and net collections revenues, contingency fees, and add in the resources used in vendor management and the “hassle” factor. Could you be gaining more net revenues by using another method?

Using Your Own Legal Network and/or Using Another Attorney Network-This can be a productive alternative but the costs involved include the recruitment and management of work flows, reconciliation, performance, compliance due diligence, security review, etc. Then measure results, comparison of performance results and replacement of providers, and the cost of management resources required to ensure you are getting the maximum level of performance.

Sell Your Accounts That Don’t Perform-Clearly many of the costs identified above are negated in this strategy. However, the market for receivables fluctuates, and management time is required for research, preparation and sale of account portfolios. Also, you may be able to achieve a greater net return by employing another strategy.

Use The VeriFacts Recovery Network-Simple, secure, complete, and cost effective. All of our partners have a great deal of experience in the collection industry and know the challenge that companies and managers face in the recovery process. We have designed this model to bring you the greatest opportunity for success, with the most convenience, at a fair price. You have access to how your accounts are performing and what is being done to them at all times. By using VFRN, companies can redistribute their resources and concentrate on their core functions, and do what they do best. We’ll work with you to develop a cohesive strategy that will save you money and increase your net returns. Measure your cost savings, net returns, and ease of use and you’ll find that our solution could be your best solution. Let our network handle your legal recoveries, so you can use your time to solve other business challenges.

What Does it Cost?

Our service is set up on a contingency basis. Our network partners don’t earn revenue unless you earn revenue, so we have tied the incentives together for mutual success. We can utilize all resources possible to help you achieve the maximum net collection revenue. Using our collection strategy, scoring models, asset location, standardized legal work flow and process we effectively control court costs and improve your collection rate.

Every portfolio performs differently, and requires differing levels of resources and management. Forecasting one recovery rate and applying it for all types and classes of accounts during the sales process is unrealistic. Does an originator’s credit card portfolio really liquidate the same as a sub-prime auto deficiency portfolio that has been purchased and resold? Of course not. You need a realistic estimate to make critical business decisions. We’ll work with you as consultants and partners to give you a fair estimate on what you can expect. Again, we would rather “undersell and over-deliver” to earn your trust as a partner and your business for the next placement.

Is My Information Secure?

Absolutely. All network partners must pass an initial security review highlighting physical and network security, adherence to IT best practices, use of minimum 128 bit encryption, etc. Our partners are serving banking organizations now that require extreme levels of security. Among our partners some carry the distinction of SAS 70, ISO 177999, CISSP and PCI certifications. Our security chain and our reputation are only as strong as our weakest link. After initial review each partner will undergo a periodic annual review accompanied by a physical inspection.

What Does it Take to Get Started?

We will jointly construct a Master Services Agreement that includes terms and conditions. Then you select the accounts. We’ll ask for availability of documentation, etc. Then forward them to us via secure channel method; YouveGotClaims, secure VeriFacts FTP, encrypted email, etc. Depending on your preference, we will run a VERIFY and SSS modeling to segment accounts and develop a joint strategy. Then we get to work. The startup process is easy and can be done quickly.

Want to Know More?

www.verifactsrecovery.com

Batch File Upload