Big data uses for collectors

Asset recovery management is increasingly driven by technology in terms of the data that is collected about consumers and the methods used to redress lapsed payments. Developing legal regulations by the Fair Trade Commission (FTC) and the United States Consumer Finance Protection Bureau (CFPB) have put limits on the methods of using consumer credit data and the means that can be used to recover lost assets. Big data refers to sensors used to track, catalog and gather information from the major methods of producing new information including websites, social media networks, and uploaded graphics. Electronic files, security cameras and other public safety mechanisms also create big data. IBM claims that 90 percent of all current data has been created over the last several years, and it is clear that this massive volume is bound to increase. Debt collection professionals can use information within the realm of the law to track individuals who have lapsed payments or defaulted debts. Firms will need to have better methods of collecting, analyzing and employing big data in order to keep up with the industry and the increasingly tech-driven world. Data solution firms can offer customized options to asset recovery entities in order to ensure that searching for debtors is more efficient and within the realm of the law.