Whether running an investigation, locating an individual, conducting corporate due diligence or collecting debt, success means uncovering the truth—fast. The rise of big data has allowed investigators, corporations and collections agents to verify identities, mitigate and detect fraud, link people, businesses and assets, and investigate potential conflicts of interest. And while big data provides a large quantity of information, it can be difficult to wade through and is often outdated or otherwise not actionable information—leading to operational inefficiencies and false positives. In the proverbial haystack that is big data, it’s finding the needle—the right data—that’s key to success.
In the past, investigators and debt collectors have relied solely on traditional data sources to gain insights and provide a single snapshot of an individual’s behavior at a point in time. Today, the increased use of alternative and trended data sources, along with advancements in technology, are playing a major role in how we integrate data to find that needle. The result propels us from a single point-in-time image to a moving picture that provides new depth of detail not possible before.
Data historically updated and discarded are now being captured and aggregated, establishing behavioral trends. This trended data is not seen on standard versions of the consumer credit report or within traditional risk scores that use a more limited credit report. Combined with alternative data derived from employment records, vehicle sightings, addresses and phone numbers, collections agents, corporations and investigators are now able to make quicker, more informed decisions and manage their risk more accurately and efficiently.
And while access to data from various sources is an important component, it’s the data fusion methods behind all the data that really help to establish a 360-degree view. Data fusion—the process of integrating and overlaying data from multiple sources—results in improved information and results, remarkably increasing ROI, maximizing operational capabilities, and minimizing false positives. Data fusion technology is built to harness big data to get to the right data. Systems using advanced linking algorithms filter enormous volumes of data, enabling users to wade through billions of public and proprietary records in just seconds, and quickly establish patterns and identify interrelationships between individuals, their relatives and associates, businesses and locations.
Learn more about the formula behind TransUnion’s TLOxp solution in our interactive data story
Effective data fusion logic is as much about identifying and mapping data as it is about eliminating false positives. The key is finding that optimal point—providing as much information as possible to users, but yet delivering that right data—to drive better business decisions and sustain growth.
Whether you’re trying to solve a fraud case, determine right-party contact information, or conduct due diligence on a company or employee, actionable and fresh information is critical. For collections agents, the right data could result in improved hit rates, shorter collections cycles and increased revenue. For corporations, it could mean more effectively preventing or detecting fraud, avoiding significant financial losses. For investigators, the right data could solve the case. Data fusion provides the missing pieces to the data puzzle – turning big into right.
Transunion’s TLOxp® solution is the fastest and most efficient way to uncover, locate and verify information on individuals and businesses. TLOxp’s massive data repository and unmatched linking algorithms deliver comprehensive, economical and timely results. Perfect for high volume searches, TLOxp fuses alternative data from nearly 10,000 public and proprietary sources with industry-leading data from TransUnion. Used by insurance companies, investigators, law enforcement, process servers, bail agents and more, TLOxp can help pinpoint subject locations, verify identities and uncover actionable intelligence in any type of investigations from missing persons to fraud. Learn more about TLOxp or register for a free demo.