Using advanced analytics to identify what assets should be recovered, Verifacto will simplify your auto recovery process by generating and presenting to each lender a list of high-risk assets. Our proprietary technology assigns each asset a risk score and allows lenders to start the recovery process with the click of a mouse.
The lender will start the auto recovery process, using their preferred repossession provider. Verifacto web portal provide the lender full control and visibility of the repossession process.. Our software offers an effective communication system involving all interested parties (Repossession provider, lender, and claim processing provider), utilizing secure cloud storage for all repossession documents and images, retaining this important data for future reference and compliance tracking and enforcement.
At the end of the repossession process, Verifacto will file a claim against the borrower’s insurance company for every recovered asset that has any damages. Verifacto will utilize the Insurance Tracking data to file the claim and manage the entire process. This is one of many automated features that Verifacto offers.
Verifacto will contact warranty and gap insurance companies to process rebates, eliminating a significant amount of additional office work hours and paperwork. By contacting these companies ourselves, Verifacto’s transparent process reduces errors and delays, increases efficiency and consistently improves refund rates for the recovery process.
Verifacto will leverage remarketing partners expertise to improve your overall sales performance. We utilize Analytics, history data, and a team with extensive knowledge of auction operations, along with years of remarketing experience, to enable you to turn your collateral into cash and receive the heist value. This is another way that Verifacto will save you time and increase your return on recovery.
Compliance is at the heart of what Verifacto offers. We act on your behalf to protect your assets. The Verifacto Smart Recovery System manages the entire auto recovery process, and includes a compliance enforcement module which monitors the status of repossession and ensures that you not only recover your collateral, but as important, that you are always under compliance while doing so.
Verifacto is a leader in insurance tracking, with a proven track record in reducing the risk for lenders by offering a cost-effective technology solution which allows you to track in real-time the status of your collaterals’ insurance. Verifacto offers a number of important solutions, such as: insurance tracking, collateral protection insurance, payment reminders, payment processing, auto insurance, and smart recovery. It is the goal of Verifacto to manage our clients’ insurance, compliance, as well as exposure to the risk of collections and the potential need for auto recovery.
By utilizing our secure, cloud-based technology, our clients in the auto lending and insurance industry regularly see a reduction in risk of loss, compliance issues, and the additional costs associated with these. Verifacto serves an industry which sees billions of dollars in losses every year. Our software is designed to mitigate your risk while assisting you in all phases of the lending process, from initial coverage to auto recovery. Contact Verifacto today to learn more about the features and solutions we have to offer. Now is the time to start your demo and see how much Verifacto can do for you.
