Category Archives: credit industry

Wescot | New User of Experian’s ExPin System

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Experian is one of the world’s largest credit information databases and forms the basis of many credit checks whenever a member of the public comes to secure credit of any variety. Based in Dublin, Experian has operational headquarters in Nottingham, in California and in Sao Paulo in Brazil. From there they employ 17000 peoplwescote who compile thousands of lists of data with regards to how much money individuals owe, to whom and how much more they can afford to borrow. Experian has recently developed a new system, entitled ExPin, with the objective of assisting third part companies in making the decision as to whether to lend more money or not.

ExPin works by compiling data from Experian’s already considerable database, but with a focus on only the customers of the client. The ExPin service will name all the products and services that the customer is already paying for and pass this information on to the Experian client. This information will then prove invaluable for the client, as they can learn all they need to know about a customer to form the basis of a credit decision. ExPin is constantly updated; ensuring that it stays as relevant as possible and each client can quickly access the correct information at the time of access. Clients of Experian will then benefit from greater confidence that the information they receive is as accurate as possible. ExPin will take a lot of hassle out of credit decisions by providing quantitative data for the client.

Experian are also then able to offer further services to their clients who use ExPin, as their needs will be processed by ExPin and returned to the business services team at Experian. All the while, clients will be able to remain ahead of their competitors by using the most relevant information possible.

In a recent move, Wescot Credit Services, a debt recovery agency based in Glasgow and across the UK has signed up to Experian’s ExPin service. This multi million pound decision has proved invaluable to the debt collection company, as they have been able to access information on customers quickly and assess how much they are actually able to pay back. ExPin has already improved Wescot’s debt recovery speed and this translates to stronger relations to their client base as their costs are reduced.

Wescot Credit Services | New Complaints Management for Debt Recovery

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WescotThe Equinti group is an IT services company that employs over 3500 people, in 22 office locations across the world. They specialise in the transformation of clients’ systems, not just in IT hardware itself but also in providing HR solutions, finances and improving the sales of many of their clients. By cooperating closely with IT industry leaders, Microsoft and HP, Equinti are able to develop new software systems that will demonstrably change the way their clients run their business, using IT to run more efficient programs while the client focuses on their primary objectives. While Equinti offer a number of systems that cover a broad range of business needs, their Perito system has been implemented a number of times in being able to assist clients in their complaint management projects.

Wescot Credit Services is one such client of Equinti, purchasing their Perito system in an effort to manage their complaints system more efficiently. The company specialises in debt recovery and the industry in the UK has recently undergone a regulation change, with debt collection currently being regulated by the Financial Conduct Authority (FCA). The FCA has implemented more stringent regulations on debt recovery and as such, companies have had to evolve their complaint management to meet the new regulations. Perito, by Equinti, has proven itself more than adequate for the needs of Wescot Credit Services, who can use the system to not only, adhere to the guidelines set down by the FCA, but they can actually improve the efficiency of the whole process. At any department of a customer focused company such as this, it is important to improve the efficiency of their processes; ultimately it ends with a reduced cost to the client and better customer relations. Wescot have been impressed by the Perito system and has said that the automatic process has ‘reduced the risk associated with manual processes’. Every mistake negated by Perito directly translates to a faster and more efficient recovery campaign by the debt management company.

Equinti are committed to delivering the highest quality services to their clients, ensuring that their processes are as hassle free as possible and they can operate more efficiently. Perito goes a long way to achieving that goal from Equinti.

Wescot Credit Services | New Letters Management for Debt Collection Efficiency

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Adare Limited is a company who provide expert data management and communications solutions to benefit any kind of business. Using the systems devised by Adare can actively contribute to reducing the costs of using traditional mail, in particular for those companies that regularly handle large volumes of post. Adhering to the Data Protection Act (1998) with the utmost diligence, Adare specialise in transactional mail, security print and direct mail solutions. The company owns an in-house production unit, cutting out any middle men in the process and thus reducing costs to their clients, as well as speeding up any mail processes.

WescotIn addition to their mail systems, Adare also offer a letters management program, called SmartEdit. SmartEdit works by allowing customers to review and edit existing documents quickly, a vital development as this again speeds up the process of getting the mail out to the recipient. SmartEdit is particularly useful to companies that regularly send out large volumes of letters that contain the same basic information, but require subtle changes to the address, recipient’s name etc. to make the mail seem more personal. By allowing the customer’s employees to quickly change stock letter formats, SmartEdit can dramatically improve the efficiency of a mail campaign.

One of the more recent customers of Adare Limited is Wescot Credit Services, one of the UK’s largest debt recovery agencies who annually process around 5 million clients. With an operation so large, it is important for the debt recovery company to process each client as quickly as possible and so they have taken to using Adare’s Letters Management System, because of how easy it is to change the specific details on a stock letter. Wescot can use the SmartEdit program to change details such as names, amount owed and due date quickly, increasing the efficiency of each debt recovery campaign and this translates to a lower cost and better customer service satisfaction for their clients.

Adare Limited are committed to reducing the costs to each of their clients when they embark upon a large mailing campaign and through useful systems such as SmartEdit, they are able to do this, giving them an edge on the competition. SmartEdit has helped not just Wescot Credit Services, but many other clients speed up the time it takes to send out their correspondence.

 

Wescot / Wescot and Experian Sign Multi-Million Pound Deal

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Wescot Credit Services have announced a new multi-million pound contract with global information services company Experian for data services provision over the next two years. The contract extension ensures Wescot will have access to information, which ensures their ability to better assess customer characteristics and enhance its collections performance. As part of this new contract, Wescot will also become one of the first to be integrated into Experian’s new ExPin platform, a dynamic new initiative which changes the way in which data is matched by issuing each client with a unique PIN number. This greatly reduces the chances of data duplication and improves on both data quality and overall match rates. By maximising the opportunity to retrieve data accurately, ExPin will enable Wescot to gain a far more comprehensive portrait of its customers in order to improve upon the services they receive.

wescotWescot are one of the largest debt collecting agencies in the UK, employing over 650 people across three offices. As an ethical debt collecting agency, Wescot Credit Services pride themselves on following stringent government regulations. In some cases, Wescot have even been instrumental in the formation of the regulations themselves, thus determining the debt collection industry standards. The core focus of Wescot is within the banking, telecoms, utility and retail finance sectors. The valuable debt recovery skills which have been built up by the team at Wescot are increasingly being sought by the public sector. Wescot Credit Services also continue to work closely with blue chip clients, with the aim of bringing about favourable resolutions between clients and individuals who have fallen into arrears.

The strategic partnership Wescot have undertaken with Experian will allow the company to improve upon their collections operating model, by delivering further insight into client portfolios and individual customers. Once the ExPin system has been implemented, Wescot will be able to further enhance their performance on behalf of their clients and deliver favourable solutions to debt management, which are tailored to the individual. Wescot remain committed to adhering to the highest standards of compliance in order to protect both their clients and the Wescot brand.

Wescot / Sponsors of Money Advice Scotland

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Money Advice Scotland (MAS) is a registered charity which operates as the national umbrella organisation for the support and promotion of independent, impartial, free and confidential debt and finance advice and financial inclusion. Each year MAS howescotst a conference addressing some of the more important topical issues which affect the financial services and credit services sectors. As one of the sponsors of MAS, Wescot Credit Services proactively engage with the debt advice sector to identify and implement best practice across the board, especially in these times of huge change for the financial services industry.

“Wescot is proud to support the Money Advice Scotland Conference and the excellent work undertaken by the MAS. Wescot is one of the largest debt collection agencies in the UK, employing over 650 staff at three centres in Hull, Glasgow and Saltcoats and servicing more than 5 million consumers each year. Wescot practice initiatives within our business ensuring customers and advisors continue to receive appropriate outcomes and support when working with Wescot.”

This year’s MAS conference, held over the 3rd and 4th of January, addressed the issues relating to changes in the regulatory landscape, including new bankruptcy legislation, welfare reforms and the setting up of the new Financial Conduct Authority (FCA) and regulatory board. In early 2014, it is expected that further topical issues within the finance sector will be up for debate, as new reforms shake up the industry and stricter regulations engender a need for a higher level of compliance.

As industry leaders, Wescot have always prided themselves on adopting compliance standards which are unsurpassed in the industry. In many cases, Wescot Credit Services have actually helped to shape the stringent government regulations now in place. Wescot continue to work ethically and to lead the way in terms of dealing with the increased regulations and the impact these have upon the credit services sector. The high compliance standards held by Wescot are recognised by both Trading Standards and the Lending Standards Board. Compliance is at the heart of everything Wescot do, with the strictest standards being built in to all processes to ensure continued adherence to all current regulations and guidelines.

Wescot / Providing Trace Support for Remediation

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Wescot is the only leading edge debt collection agency which offers diversification of four product areas, allowing them to support their clients at every stage of the credit cycle. The Wescot Credit Services locate products and services that have recently been put to further use, in partnership with Swift Advances in relation to a remediation exercise which was undertaken.

wescotAs part of a one-off exercise, Swift Advances wished to trace some 2,000 customers who had already paid off their loans in order to issue them with a relatively small refund. Wescot were asked to help by using their Locate experience, skills and technology in order to trace these customers. Within the space of just two weeks, Wescot were able to give positive trace results on almost 80% of all the customers, a far higher figure than Swift originally expected.

As part of the diverse, full credit cycle range of products on offer at Wescot, accurate locating has proven an invaluable tool. Through an extensive range of lead generation and trace products and services, Wescot are able to not only provide originators with validated data, but also to tailor a solution to the specific requirements of the Swift undertaking and deliver results which exceeded expectations.

Exceeding client expectations is part of the ongoing Wescot business model. As an ethical, customer-focused business, Wescot strives to remain the right choice for the customer and to deliver solutions which maximise profitability for clients, whilst also delivering achievable conclusions for the individual. The locate validation services provided by Wescot Credit Services work to re-establish contact between clients and individuals for the purposes of debt collection, pre sales and dormant accounts, and for verification of residency. Wescot also provide debt recovery services and outsource services to cover the full range of the credit cycle.

As one of the UK’s largest debt collecting agencies employing over 650 staff and working with five million accounts, Wescot take their responsibilities as market leaders seriously. Compliance is at the forefront of everything Wescot do. Not only does Wescot operate at an unsurpassed level of compliance, but it has also been responsible in part for shaping some of the current government legislation.

Wescot / Treating Customers Fairly

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As one of the largest debt collecting agencies in the UK, Wescot Credit Services takes its responsibility as a market leader extremely seriously. As an ethical company Wescot focuses on compliance at the centre of everything it does, not only surpassing everyone else in the filed in terms of levels of compliance, but also helping to shape certain government regulations. Treating Customers Fairly is also at the heart of the Wescot values, with the 650-strong team striving to always exceed client expectations and to deliver solutions which maximise profitability. Professionalism and quality are ever watchwords at Wescot, a quality assured company accredited to the BSi 9001:2000 quality standard, active member of the Credit Services Association and keen supporter of the free Money Advice Agency Network.

WescotAs an employer, Wescot recognise that people are their most valuable asset. Wescot believe in treating their employees as fairly as they treat their customers and aim to make each role in the company one which provides job satisfaction and enjoyment for the mutual benefit of Wescot as a whole and the individual employee. Wescot is committed to the learning and development of all employees and each has equal access to training sessions and independent learning opportunities both within the company and externally.

As a prime services provider in the credit industry, Wescot maintain the highest quality levels of service at all times, seeking not to meet but to exceed client expectations and provide a service which is tailored to individual specific needs, which are identified through close working relationships. The general public has lost a lot of faith in the financial services industry over the past few years. Wescot are committed to rebuilding relationships based on trust in order to instil a new faith in the credit services sector, by maintaining high quality products and services which meet client needs and deliver effective solutions for both companies and individuals. Wescot endeavour to protect investment and brand for each client through a fully tailored service package, which goes above and beyond each and every time.

For Wescot, appropriate data handling goes hand in hand with a customer-focused approach

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Full details of the services provided by Wescot can be found on the company website www.wescot.co.uk . The business was formed in Scotland in the late 1970s. Over the last 40 years, Wescot has grown into a market leader within the consumer credit niche. The success of the company is demonstrated by the fact that Wescot employs over 650 people. These employees are spread over three offices in Glasgow, Saltcoats and Hull.

wescotAnother indicator of the success of Wescot and the solid reputation the company enjoys can be found in the fact that this year it was involved in a sponsorship capacity in two of the most prestigious annual events in the credit industry calendar. Wescot was the main sponsor of the 2013 CCR Interactive event and the Credit Excellence Awards. The purpose of this annual event is to spread the latest best practice principles across the industry. It is also a very useful forum for debate concerning the challenges faced by the credit industry now and in the near future.

Wescot was also a sponsor of the Money Advice Scotland conference held in Glasgow in June of this year. Money Advice Scotland is the umbrella organisation for a number of bodies that seek to provide impartial, independent and confidential debt advice within Scotland. The involvement of Wescot demonstrates the company’s commitment to treating customers fairly. Wescot recognises that the provision of expert, independent debt advice is extremely useful in helping its customers to make informed decisions about their finances. In turn, this helps Wescot reach outcomes that are fair and realistic.

Wescot realises the importance of technology in enabling it to deal effectively and ethically with its customers. It seeks to ensure that its databases are as accurate as possible. On one hand, the fact that its advisors have completely up to date information at their fingertips means that Wescot can reach outcomes with its customers efficiently and with the minimum of fuss and delay. Accurate information also means that the actual agreements reached are fair. Wescot negotiators are able to take into account the difficulties the individual may be facing – with reference to accurate information contained in the individual customer’s profile. The Wescot website is also a useful tool for customers seeking to make a payment. The website also includes easy-to-understand information explaining how Wescot operates.

Wescot is well placed to meet the needs of business

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One of the most high profile events in the credit services industry is the annual CCR Interactive conference and Credit Awards ceremony. An important function of any industry conference is to promote best practice. This is certainly true of the 2013 CCR Interactive event. It also enables representatives of the big industry players to get together and exchange ideas on an informal basis. Events such as these are only ever truly successful if the biggest names in the industry in question are involved. Part of this includes being able to attract a recognisable main sponsor. Fortunately for the organisers of CCR Interactive, this year’s sponsor was Wescot; a credit agency with nationwide coverage and an enviable reputation.

The CCR Interactive conference wasn’t the only event sponsored by Wescot this year. Wescot also lent its name as a sponsor of the Money Advice Scotland 24th Annual Conference. The fact that Wescot is involved with this particular event is hardly surprising. After all, Wescot was originally established in Scotland. Over the last 30 or so years, Wescot has grown considerably. The company now employs over 650 people in offices situated in Glasgow, Saltcoats and Hull. It provides services in the areas of debt recovery, early stage collections, customer locations and debt purchase. Wescot has clients across a range of sectors including banking, utilities, telecom and retail.

wescotThe focus at this year’s conferences was very much a look into the future. Wescot is well aware of the pressures faced by its clients at the present time. The company also appreciates that these problems show little sign of improving significantly any time soon. In particular, continued consumer economic pressures are such that average disposable weekly income per head is still very low. If mortgage interest rates were to rise, these income levels would fall even further. Wescot appreciates that its clients across all sectors are likely to be faced with high levels of payment defaults for the foreseeable future.

Wescot is well placed to be able to deliver results on behalf of clients – despite the difficult climate. The figures for Wescot are impressive. In the 12-month period up until February 2013, the company successfully recovered over £240 million of debts on behalf of its clients. The company was also responsible for managing over 3 million customer accounts. Through investing in technology, ensuring that its staff is well trained and by treating customers fairly, Wescot is in a strong position to deliver results.

Wescot appreciates the value of technology for a customer-focused outlook

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Wescot has made a name for itself as a major player in the consumer credit sector. It has particular expertise in the areas of debt recovery, early stage debt recovery, customer tracing and debt purchase. The company is over 30 years old. From small beginnings in Scotland, Wescot has expanded to such an extent that the company now employs 650 people across three offices. Wescot has a client base made up of organisations from a number of different sectors. These include telecoms, banking, utilities, retail and local government.

wescotThis year, Wescot was the principal sponsor of the CCR Interactive conference and Credit Excellence Awards. This conference is the flagship annual event for the credit industry. Wescot was also one of the sponsors for 2013 Money Advice Scotland conference. This particular organisation is an umbrella group for the many companies and independent bodies that provide impartial and confidential debt advice across Scotland. The involvement of Wescot in the form of sponsorship demonstrates the commitment of the company to ensuring that individual customers receive useful advice and reach appropriate outcomes when reaching agreement over repayments.

At each of these conferences, the emphasis this year was on the changes and challenges the consumer credit industry will face in the near future. Wescot is well aware of these challenges and how they may affect its clients. Wescot has put considerable resources into ensuring that its business model is designed to meet the needs of clients. Equally as important, Wescot aims to ensure that its business practices are geared towards treating customers fairly.

An important part of the Wescot strategy for delivering the best possible service is the use of technology. This is especially the case in the field of data management. Wescot chose Experian, the worldwide information services company, to provide and manage its data. The aim of Wescot is to ensure that the data it has on each of the customers it deals with is as accurate as possible. For one thing, this improves efficiency. It ensures that Wescot employees are able to instantly access the very latest information about individual customers, so less time is wasted. It also ensures that outcomes can be reached based upon customer profiles and repayment histories that are as accurate as possible. This Experian contract is due to be extended shortly.