FactorTrust recently released its enhanced Triggers solution, which provides tools to notify finance companies and other lenders of specific consumer behaviors on an ongoing basis and identifies the right-party contact information for collection and recovery efforts.

The company explained that Triggers are alerts for pre-specified consumer events or changes reflected on FactorTrust’s credit database that indicates a consumer is in the market for a certain product, is recently eligible for a product, or passed a certain risk threshold, prompting the lender to take action.

The next generation of Triggers enhances the lender’s ability to monitor consumer files and quickly respond with offers or actions to enable growth, reduce potential loss and streamline collections efforts. The new version’s enhanced features for account management and collections include:

—New customer file management functionality with an ability to download lists of all consumers being monitored

—Five new event triggers

—Additional output fields for payment type and frequency, and bank account numbers

—Weekly summary emails to customers

“Our experienced team of data and analytics experts are continuously increasing ease and usefulness of our products and offerings, with our customers in mind,” FactorTrust chief executive officer Greg Rable said in a news release.

“The upgraded features of Triggers enable lenders interested in monitoring customer accounts to not only help to reduce losses, but also grow their portfolios more efficiently.”

For more information on FactorTrust, visit www.FactorTrust.com or call (866) 910-8497.