Your favourite espionage movie is likely to be full of tracking, monitoring and intelligence technology so sophisticated that it blows your mind to think it could actually be real. The military and national security services do use this stuff and from that same toolset – credit agencies use data cleansing technology.
Your B2C operation can acquire these assets too and the accuracy of clean data can be very exciting. Credit agencies can validate customer residential information as well as contact details in an instant – this precision can be applied to update your current in-house data and to verify ad-hoc details as each new customer is acquired.
With minimal customer information on file, the credit agencies have the ability to locate the home where the customer currently resides. For those evading debt by dossing at affiliated properties, the agencies use their comprehensive database to locate these too.
It is all very Robert Ludlum (Bourne Identity) – the agencies pinpoint any addresses known to be associated with the debtor in any way. This means, even if the person has only ever had a parcel delivered to a particular address once, this will flag up as a potential place of current residency.
A more watered down version of data cleansing comes in the form of one-off consultancy. The credit experts can come into your business and work with your team to bring all your existing data up to date.
This means you always have an eye on every customer, if they are dormant, avoiding payments or ticking along nicely with regular instalments, you can instantly get in touch with the precise contact details you now have on file.
Contact details are no longer just a postcode and landline – the agencies are ahead of the times. They have the expertise to source mobile phone numbers and email addresses too. If your customer needs help to repay the debt owed to you, you can contact them from multiple angles to ensure a strategy is implemented quickly enough, before they end up defaulting.
The sophistication of modern data validation tools is matched, if not beyond, the tools we see in fictional action movies. The only difference is the credit agencies want to help people – not kill them!
Guest Post by Matthew