RESTON, Va. -- MRS BPO LLC, a leading provider of services to the accounts receivables management industry, has adopted Neustar Inc. contact intelligence solutions to improve its omnichannel outreach strategy – increasing right-party contact rates, reducing operational costs and maintaining compliance in the forthcoming CFPB Regulation F environment.
Neustar Phone Behavior Intelligence delivers the best time of day and day of the week to call each consumer, based on when they are most likely to answer, as well as the best phone number to use when reaching out to each individual. Neustar also verifies correct email addresses and offers insights into the most active address for each contact, allowing MRS BPO to quickly prioritize the best email address to complement their phone outreach efforts.
The Consumer Financial Protection Bureau’s new Regulation F stipulates that a collector may not place more than seven calls within seven consecutive days to a single consumer or call a consumer more than once within a seven-day period after communicating with that individual; however, collectors may still send consumers SMS and email messages. Communication via digital channels (when consent is provided) can enable more efficient interactions, particularly with younger consumers who prefer digital outreach.
“By limiting the number of calls a debt collector may place to a given individual, the CFPB’s Regulation F increases the value of every contact attempt and encourages collectors to prioritize accuracy,” said Robert McKay, senior vice president and general manager of Risk Solutions at Neustar. “This emphasis on quality over quantity is leading forward-thinking collectors like MRS to embrace data-driven omnichannel contact strategies. Operationalizing digital channels to complement the phone channel enables collectors to increase the efficiency and effectiveness of their outbound communications while also reducing compliance and financial risks.”
“Consumer information is continually changing, so outreach files often contain multiple email addresses and phone numbers collected over time. Knowing an individual’s primary or preferred number and email, and when they are more likely to be engaged, makes a significant difference in the contact rate,” said Jim Beck, COO at MRS. “Neustar intelligence solutions will help us assess and improve the quality of our current consumer contact information, allowing us to anticipate challenges, implement a more successful omnichannel communication strategy and increase right-party contact rates while remaining compliant with regulations.”
MRS immediately saw that 8% of the numbers they were dialing were dials with a low probability of contacting a customer. Redirecting those efforts to higher score phone numbers lead to a contact rate increase of 15% in the first month.
Neustar outbound solutions are part of the TRUSTID Contact Center Solutions suite. These solutions are powered by the Neustar OneID identity resolution platform, which gives businesses a single holistic, connected view of their customers across all communication channels, both online and offline. OneID continuously corroborates, validates and appends missing information across customer records, enabling organizations to more easily reach their customers via the right channel at the right time.
For more information about Neustar contact intelligence solutions for the collections industry, visit https://www.discover.neustar/prepare-for-fewer-collectors-and-more-accounts-contact-request.html.
About MRS BPO
MRS BPO LLC is a full-service accounts receivable management firm that offers pre-chargeoff collection and post-chargeoff recoveries services to a variety of industries. Founded in 1991, it has grown from a small New Jersey-based agency to a large market provider with facilities in New Jersey, Ohio and Alabama, servicing over 60 clients in the financial services, automotive, marketplace lending, telecommunications, cable and municipal sectors. MRS has been recognized by many of its Fortune 50 clients for its commitment to compliance, quality and best-in-class technology solutions. For more information, visit https://www.mrsbpo.com.
Neustar is an information services and technology company and a leader in identity resolution providing the data and technology that enable trusted connections between companies and people at the moments that matter most. Neustar offers industry-leading solutions in marketing, risk, communications and security that responsibly connect data on people, devices and locations, continuously corroborated through billions of transactions. Neustar serves more than 8,000 clients worldwide, including 60 of the Fortune 100. Learn how your company can benefit from the power of trusted connections here: home.neustar.