The network will help businesses establish and implement clear, effective and appropriate policies and procedures for engaging with customers depending on their individual circumstances around debt, according to Experian.
The scheme will also improve operational compliance by bringing data sources together to help organisations adhere to Office of Fair Trading debt collection guidelines.
The new platform enables transparent matching of data between creditors, customer representatives, debt collection agencies and debt buyers and, as such, offers enhanced compliance benefits as well as more accurate customer information.
Paul Vescovi, managing director of Experian’s UK&I Credit Services business, said: “There has been much noise around the issue of debt collection and the need for improvements in this area has been significant.
“The new regulatory guidelines have made it vital for this marketplace to take proactive measures. Through data intelligence, Experian’s Collections Network will help to improve compliance, fair treatment of customers and debt placement decisions.”
A recent survey found that 71% and 70% of respondents in the financial services and debt collection sectors, respectively, stated they were experiencing some difficulty in demonstrating compliance in response to industry regulations.
