TransUnion, a global leader in information and risk management, and Global Debt Registry (GDR), the pioneer and leader in debt information access and validation, today announced a collaboration to market GDR debt registry services for debt buyers, collectors and financial institutions.
GDR’s debt registry offering enables debt owners to accelerate collections through streamlined access to account information. It also gives them the ability to securely validate account ownership information with supporting documentation and consumer access via Debt Lookup, an online consumer access service providing secure and easy access to account-level data and documents supporting claims by legitimate debt collectors.
“TransUnion’s information solutions offer valuable tools for the growing accounts receivable market,” said Peter Ghiselli, vice president in TransUnion’s specialized risk business unit. “The ability to team up with GDR to offer our clients GDR’s tools to manage account information post charge-off and to support validation of a given debt is a natural extension to our core services offered to financial institutions, debt collectors and consumers. We are excited about our strategic marketing arrangement with an innovative pioneer like Global Debt Registry.”
For the $3.3 trillion market for unsecured consumer debt, there has historically been no clearinghouse or utility to securely manage supporting account information and minimize risk from financial institutions transferring debt. Data integrity has become a major issue to the debt collection industry as accounts move along the industry value chain. With GDR’s technology and TransUnion’s nearly 50 years of expertise in the consumer debt industry, debt buyers, collectors and financial institutions can increase transparency, reduce risk and improve ROI with better collection rates.
“For debt buyers, collectors or original creditors, the lack of a transparent digital marketplace has led to a steady increase in industry issues, which is increasingly the focus of multiple regulators,” said Mark Parsells, Chairman and CEO of GDR. “TransUnion is the leading provider of information for collections industry. GDR and TransUnion’s mutual customers will benefit from our collaboration, which offers a broader market of debt buyers, collectors and financial institutions to reduce costs and risks, improve transparency and efficiencies to the debt ownership industry.”
Global Debt Registry, founded in 2005, is the independent registry for the consumer debt industry to manage non-performing account information when sold or placed with collection agencies. Global Debt Registry’s patent pending account-level digital tracking, data integrity tools and consumer access services reduce risk, enhance the value of debt, improve regulatory compliance, enable customer service post charge off and allow legitimate debt collectors to prove who they are to consumers. Global Debt Registry tracks consumer debt including credit card, utility, student, medical, auto and personal loans. Global Debt Registry is an independent organization led by senior executives from the banking industry with deep experience in compliance and data privacy. Global Debt Registry is funded by a US based, $5 Billion private equity firm. For more information, visit: www.globaldebtregistry.com
Information is a powerful thing. At TransUnion, we realize that. We are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. We help uncover unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. This allows a variety of markets and businesses to better manage risk and consumers to better manage their credit, personal information and identity. Today, TransUnion reaches consumers and businesses in more than 30 countries around the world on five continents. Through the power of information, TransUnion is working to build stronger economies and families and safer communities worldwide.
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