COSTA MESA, Calif. -- In an effort to help financial services organizations collect on large volumes of debt, Experian has launched Collection Triggers, a solution that monitors a company’s portfolio of collection accounts.

When new information on one of these accounts becomes available, indicating the possibility of recovering the debt, the organization is notified within 24 hours and can then resume efforts to contact the consumer and collect the outstanding debt.

"Our clients have been asking us to help solve the debt dilemma — when collection efforts go cold, the consequence is a huge burden of unpaid debt," said Kerry Williams, group president, Experian’s Credit Services. "Collection Triggers offers our clients the opportunity to know within 24 hours when a debtor has had new credit activity, enabling quick action for the highest probability of recovery."

Collection Triggers allows clients to proactively monitor accounts for public record, civil action, tradeline and demographic events to help prioritize and segment their collection strategies. Specific triggering options can be selected, and rules around monitoring frequency can be customized. In addition, clients can determine their own priority hierarchies and cool-off periods according to their needs and the type of debt portfolio.