Collections Network

[ken100464]

Nice to know Experian have just launched something called the Experian Collections Network.

Snappy title so what does it do?

Well basically all the information on you from your nightmares is put in a big pot. And then a creditor can pay to get all the information on you out of the pot. All nicely done by computers so they dont need drones or minimum wage boy.

So what is this information that goes in and from whom.?

Oh yes its from your creditors your DCA's your debt buyers and surprise surprise from your DMP providers including Payupplan.

Its all your connections to each individual nightmare you have.

And for that blood money any creditor can dip in and pull you out and find out exactly who you are dealing with. So can place you with someone who knows you.

So the days of having multiple nightmares could be coming to an end and we could be looking at one nightmare just one that knows rather alot about us.

Arrow Global intend to be using it from start up as they have been the guinea pig so to speak.

Thanks Experian.

[julian]

Re: Collections Network

Would that not be against the DPA? Experian probably does not own the data and we have not given it permission to sell it on.

I thought the CRAs gave data, but not the creditor details, to those who pay.


I expect SAS software is used, in the same way it is used by others to chase other delinquents. However, under those systems the data shows trends and possibilities and relies on intelligence to extrapolate and plan.

Unfortunately, the DCAs probably will just use brute force as now, and fling around accusations without understanding that they are missing data. They could even funnel it directly into the death threats using mail merge.

Garbage in garbage out and garbage all over us.

[julian]

Re: Collections Network

Just looked at the Experian site. The Arrow teaboy had a good idea and sold it to Experian.

They rely on the CCA to enable them to post your details on the database that they use to stalk you.

They must be relying on all the CCAs being valid. So they are relying on the creditors supplying them with a true copy of the agreement and checking that the validity being beyond reproach, or are they just winging it? They make the assumption, you check your data and that if you do not agree with what you don't know, you can change it - oh yeah, right. A bit like - when did you last beat your wife?

It seems that the powers that be have not raised any issues as the data the system will use is already in the creditors' hands and the current CCA process allows them to pass that data to Experian and firms that they use to trace and collect debts and debtors, and when they sell the debt on.

Perhaps the forum should wave a flag.

If the data is used in this way, which is vastly more far-reaching than previously, should not the consumer finance/data protection acts address the new imbalance?

Perhaps Tesco and Sainsbugs will be able to buy into it to see how much is left over for food. For those like me they will probably send me a food parcel of Findus lasagne and spag bol.

[Undercover Elsa]

Re: Collections Network

Don't you just love 'em?

More here> Experian launches the Experian Collections Network


I have a sub to Credit Expert (only because I've had an ongoing CRA error issue) and they recently informed me rather jubilantly that they were offering me a new service in my package whereby they scour the internet for any mention of me, including social network sites...of course for my own benefit so they can tell me if anyone is pretending to be me.
The only one who pretends to be me is...me. I don't put my full real name anywhere online, not even Facebook.
Presumably this information will also be available, at a cost, to DCA's...

[ken100464]

Re: Collections Network

Julian

I understand your pain but I think you wont be getting very far.

The information I have gleaned on this trojan horse is that both the ICO and OFT have had their input into the system and both deem it to be fair usage of your data.

What it isnt doing is saying you owe £300 to DCA A £200 to DCA B and £100 to DCA C.

What it is saying is you have a connection to DCA A B & C. It will also indicate that DCA B actually is dealing with more than one account with you.

So the creditor might decide although DCA A is its all time fav that DCA B might be better for your account and place it for collection with them.

Why? Because DCA B might know more about you than some random DCA coming in and threatening hell and damnation. Therefore can target you better to pay up.

You have got to remember its Arrows and Experians baby. Arrow buys it dont collect. It farms that out to other DCA's.

It must have decided its a scattergun approach to own a number of accounts with one debtor but have a number of different DCA's trying to collect.

Better to have one DCA working on the lot thus knowing the debtor better.

Its pants I know but its there now and live according to the paper I was reading.

[ken100464]

Re: Collections Network

Don't you just love 'em?

More here> Experian launches the Experian Collections Network


I have a sub to Credit Expert (only because I've had an ongoing CRA error issue) and they recently informed me rather jubilantly that they were offering me a new service in my package whereby they scour the internet for any mention of me, including social network sites...of course for my own benefit so they can tell me if anyone is pretending to be me.
The only one who pretends to be me is...me. I don't put my full real name anywhere online, not even Facebook.
Presumably this information will also be available, at a cost, to DCA's...

When you read the guff on there it makes you want to barf dont it.

Makes it sound like its all for our benifit. Hell yeah just seen a pink elephant and a flying pig outside.

[SaltnVinegar]

Re: Collections Network

This 'system' has actually been around for almost a year. I posted a message on this forum about a product called 'Helix' which many lenders have been using for a while now. You can find more info on in here:

HeliX Data Exchange for Debt Collection - TDX Group

Sounds like Experian have just come to the party late, but realize that they may be able to muscle in on the market because of the data they already hold.

I think it makes it all the more important to make sure every dealing you have with a DCA now needs to be placed in writing, especially if they will be dealing with multiple accounts which could be in different states of 'UE', dispute etc.

The concern that I have is that if DCA's start collecting one persons debts as a 'package' that we may start to see an increase in the abuse of statutory demands as there could effectively less creditors to object to a bankruptcy (if just one DCA owns all the debt of one person due to this system).

I would also have concerns about DCA's starting to lump debts together to form a 'balance' although this is only going to cause problems for them but only if people get educated that this wouldn't be right.

Only time will tell, but whats frightening is the extent to which our personal data is now being used and abused. Nothing to hide nothing to fear? Don't believe it.

[julian]

Re: Collections Network

If they do start clubbing together and bidding on specific 'customers'' data and debt then that is collusion, isn't it? Or is it just good business? Big Brother rules in the Big Society. Money is power.

Information is a valuable commodity and we fling it away for 200 Tesbury's points a month. They have been using these systems for years and that is how they know you need a 20 point sweetener to buy brand x beans, are close to retiring and use a car.

There are the 2 types of DCA, those that chase on behalf of the creditor and those that buy. Here is the potential business case that is put forward.

The collectors are an extension of the creditor and are in effect a type of outsourced staff - they live outside the creditor's domain but work for them for a percentage fee. Like in many businesses the creditors are now seeing where they can improve their turnover. The creditors own the 'product' and remain responsible for the debt but they do not own the means of collection - the rottweilers. The creditors help themselves by helping the DCAs.

For the purchasers, the system changes. The creditors spread their debts by lumping them together and selling them to the highest bidder. (I think) Now they could analyse (for a price) the current status of the debtor and group like debtors together. This would enable them to sell a bundle of similar debts to a specific DCA and conversely the DCA would be able to bid knowing that they already have data on the debtor. So the DCA would pay a higher price for less risk.

After paying for the analytics software, which is pricey, and the computers to run it on, there looks to be a good business case and a profit for Experian and the like. [but where would they find the intelligence to manage the data they have?] Future growth will be minimal as the number of credit cards and loans is falling. Acting as a bureau will bring in new users, but many larger institutions already have the technology and may or may not wish to outsource. Small ones cannot afford it and my go with the carrot of smarter business decisions using the facility when they are looking at new portfolios.

These systems exist in many areas and are only regulated by cost. They analyze data and Big Data is the new thing. So we will see more of them.

The issue is not that they do it, but that the DPA has not caught up with the possibility of what the general public, (i.e. not government bodies) can do with the technology, and how safe and secure it is. The people making these decisions and developments are often unaware that there are laws unless somebody points it out to them. Then they obey the letter of the law not the spirit as rules are made to br broken if a profit is to be made.

Oh! Sorry it does say we can all send Experian a SAR, so that's all right.