TDX Group launches vulnerable consumer services

Data and technology-driven debt solution provider TDX Group has launched the V+ range of services to support organisations in identifying, engaging and managing potentially vulnerable consumers.

Labeled V+, the services use a range of data sources, including TDX Group’s purpose-built Financial Vulnerability Indicator score, to assess cases within a creditor’s customer base, highlighting those at risk of financial vulnerability, or those already in financial crisis.

TDX Group data shows that in the first four weeks of lockdown there was a three-fold increase in the number of consumers identified with short term vulnerability, and coronavirus was mentioned directly in more than half of conversations between consumers and the TDX Group specialist supplier panel.

Carlos Osorio, Director of Debt Recovery at TDX Group, said “Earlier and better identification and treatment of vulnerable consumers help creditors exceed regulatory requirements, it also improves the customer experience giving them the opportunity to engage and resolve the situation. Businesses must use available data sources to check upfront whether a customer is in financial difficulty so they can then act in the best interest of that customer.”

“This human approach to vulnerability works because the V+ panel is empowered and equipped to work flexibly with people in debt, to achieve the right outcome for their unique circumstances. We have complete comfort that customer interaction is of the highest quality. By using data, knowing customers better, and dealing with them more appropriately, we have the opportunity to change people’s lives for the better.”

Antony Dear, Director of Solutions and Consulting at Equifax, said “We recognise organisations need to redesign their collections strategy as coronavirus related furloughs, redundancies and reduced working hours increase the number of people in financial difficulty. Through V+ we can offer our experience and support to those companies who need it. V+ is the right solution when a creditor recognises that a regular collections process is no longer appropriate for their vulnerable consumers.”