BANKRUPTCY SEARCH AND MONITORING
Bankruptcy Search Application Solution for Auto Lenders
Verifacto’s Bankruptcy Search and Bankruptcy Monitoring Solution
Verifacto’s bankruptcy search application allows lenders to check on the bankruptcy status of their customers and file a proof of claim (POC) with the bankruptcy court.
What was once a difficult process that required thousands of dollars in lawyer fees is now an innovative product for Verifacto’s customers that saves lenders time and money. The easy bankruptcy search application and POC filing system helps lenders receive their remaining debt on the car without the use of expensive lawyers or the legal department.
After an auto loan is originated, most of the valuable profit for a lienholder comes throughout the term of the loan based on interest and steady payments and reduced insurance risk. Making sure to collect all the payments with interest is not a simple task and any error can create a huge overhead.
In addition, with high number of accidents an insurance risk will reduce a lender’s profit. As a finance company, you want to ensure you have the proper solution in place to manage the loan payments, reduce insurance risks and maximize profit.
Lenders Save Up to 95% on Manual Labor Costs and up to 600% on Legal Fees
- In the past, lenders have stayed away from pursuing debt on a loan that has gone into bankruptcy status because it’s a risky business. Lawyers can cost thousands of dollars only for them to attempt to recover debt that may or may not payout.
- Verifacto’s proprietary easy POC system technology integrates seamlessly into the auto risk management platform so lenders can file a claim in bankruptcy cases to get their debt paid without the high cost of a lawyer.
- The advanced application pulls real-time data from bankruptcy courts so lenders can discover if a customer has filed for bankruptcy, how many times, and predict the likelihood of filing in the future so the lender stays protected.
- The easy POC filing system contacts the bankruptcy court and gathers all real-time information as soon as requested by the lender.
- All data is prepared and the POC is generated for verification by the lender.
- The POC system files the POC with the bankruptcy court and confirms with the lender when it’s successfully received, saving lenders hours and thousands of dollars.
Values
- Access the entire country’s bankruptcy court records all from just one screen.
- Receive real-time bankruptcy information at the lender’s request.
- Have your POC filed successfully for the lender with confirmation of receipt.
- Cut down on processing time that usually takes hours to complete and can cost over $1,000.
- Easy-to-use dashboard eliminates the need to hire a bankruptcy expert.
- Pull real-time data to see if customers have filed for bankruptcy to keep lenders better informed.
- View all bankruptcy data at the touch of a button to make easy decisions on a customer.
Verifacto is a leader in lender and borrower communication solutions. Verifacto’s new bankruptcy search and POS application is available only through their risk management portal. Other lender solutions from Verifacto include insurance tracking, collateral protection insurance, LMS, and payment processing software.
You don’t have to be a bankruptcy expert to use Verifacto’s Bankruptcy Search and Bankruptcy Monitoring solution.
