VERIFACTO INTRODUCES NEW BANKRUPTCY SEARCH APPLICATION TO THEIR AUTO INDUSTRY RISK MANAGEMENT SOLUTION PLATFORM
June 16, 2020
Verifacto, a leading provider of insurance tracking and risk management company, announces the launch of a Bankruptcy Search and Bankruptcy Monitoring technology. This solution brings the most innovative risk monitoring to the market plus leverages automation and information to enable lenders to minimize risks, make better decisions and save thousands.
Verifacto is excited to announce the technology empowers auto finance companies, auto dealers, credit unions, and banks to quickly search current customers or potential customers for any history of a bankruptcy filing. The system also enables lenders to file a Proof of Claim (POC) on an existing bankruptcy without the need for an expensive attorney. The system will monitor the bankruptcy for any changes and alert the lender.
Verifacto now enables lenders to check the bankruptcy status of every customer before starting the repossession process. This feature saves lenders the expensive repossession fees and overhead before starting the process. Verifacto’s Bankruptcy Search and POC Application works by contacting the bankruptcy court and gathering all information requested by the lender. After verification with the lender, the POC is filed with the court and confirms on successful filing cutting out hours of time and money. The POC process has saved lenders up to 95% on manual labor costs and thousands on legal fees.
“You don’t have to be a bankruptcy expert to use the Verifacto’s Bankruptcy Search System or filing a POC,” said Hezi Moore, Chief Executive of Verifacto. “This feature will enable Verifacto’s clients to increase the effectiveness of discovering and monitoring loan risks and save our clients thousands.”
Verifacto’s new Bankruptcy Search and POC Application will be available through Verifacto’s Risk Management Portal. This portal is home to Verifacto’s other innovative products, including Insurance Tracking, Collateral Protection Insurance (CPI), Payment Processing and Loan Management Software (LMS).
About Verifacto Inc.
Verifacto is a risk management technology company providing insurance tracking with focus on improving the ways auto lenders and borrowers connect with information. Verifacto’s leading platform offers innovative product solutions that mitigate insurance, compliance, and financing risk. Their platform provides secure, technologically advanced workflow solutions that provide timely information and a call to action that results in reduced costs of clients’ back-office management, compliance and risk of loss, and increased profitability. For more information, visit https://verifacto.com.