TransUnion and Ontario Systems announced Tuesday a collaboration to offer collection agencies TransUnion's new CreditVision recovery model. The model integrates with Ontario Systems' technology and allows collection agencies and debt buyers to increase recovered dollars by up to 9%.
Ontario Systems and TransUnion customers previously used traditional recovery scores and credit reports to prioritize collection amounts. Now, Ontario Systems' customers can access the CreditVision recovery model, which incorporates historical information on each loan and actual payment amounts. Collection agencies and other accounts receivable managers can use the models to better identify payment patterns and increase their average recovery rate.
"While traditional models allow collectors to prioritize accounts, the credit environment has changed and consumers are using credit differently," said Peter Ghiselli, vice president at TransUnion. "The new CreditVision model is built on newer, fresher consumer behavior and will help Ontario Systems' customers identify an average of 3% more payers."
The integration builds on a recent TransUnion and Ontario Systems partnership to offer batch solutions.
"We've worked with TransUnion for years to seamlessly integrate our solutions with their technology and data," said Chris Cochran, senior director, product management at Ontario Systems. "With the new recovery model, our customers will have access to more data and better insights."