Collecting Thoughts is C&R Software’s new podcast, presenting conversations with subject matter experts and insiders throughout the finance, software, and collections industries.
In this week’s episode, host Christina sits down with Carrie Coker-Aivaliotis, a notable figurehead in the consumer data services landscape who currently dons the role of Senior Director at the Global Data and Analytics powerhouse LexisNexis Risk Solutions.
Carrie discusses the implications of consumer data, especially in the collections market, and emphasizes the need for data in the financial ecosystem. Carrie also highlights the challenges and impacts of the student loan restart and the importance of proactive communication with data providers.
Guest Profile
Name: Carrie Coker-Aivaliotis
Profession: Senior Director at LexisNexis Risk Solutions, Expert in Consumer Data Services and Collections Strategy
Carrie boasts a rich leadership history with roles at prestigious firms like Midline Credit Management, CoreLogic, and First American Credit Co., where she excelled in contract management and consumer data strategy. As a seasoned expert in consumer data services, Carrie plays a pivotal role in shaping the strategic direction of LexisNexis Risk Solutions’ collections market.
Find Carrie on LinkedIn.
Episode’s Key Points
Evolution of Consumer Data
The world of consumer data isn’t what it used to be. In the past, a credit report was a one-stop shop for understanding a consumer’s financial behavior. But with the influx of new regulations and the rapid advancements in data technology, we’ve entered an era where a single report still needs to be cut.
Carrie reflects on this shift: “When I started, I worked with a three-bureau merge patent technology that we were driving forward in the industry. Our premise understood the differences among the bureaus and that merge was crucial for the mortgage process. But today, given the regulation and changes in the nature of consumer data over time, we can no longer look at a credit report and say everything I need to know about the consumer is in that report.”
This evolution, while challenging, offers opportunities for deeper insights and more personalized consumer interactions. As the landscape changes, professionals like Carrie are at the forefront, guiding the industry toward a more comprehensive and nuanced understanding of consumer behavior.
Impact of Data Privacy Laws
Data Privacy laws have influenced what data can be accessed and how it can be used, especially in different sectors like mortgages and collections. Designed to protect individual rights, these laws also present challenges for businesses that rely on this data for decision-making. Carrie explains that in sectors like mortgages and collections, where data is crucial, the strategic direction is no longer just about gathering data; it’s about ensuring that data is ethically sourced, compliant with regulations, and used responsibly.
“There’s been an incredible shift in the availability of consumer data, but also the need for consumer data in the consumer data ecosystem in the financial ecosystem.”
“Everything I pretty much need to know is in that one report, or in my case, a tribunal merger merge report. But moving forward, it’s not the case anymore. And you need to be an expert across the board in available data sources.”
Drawing from her extensive experience, Carrie emphasizes the importance of keeping pace with these constantly evolving laws, balancing data accessibility and consumer protection.
Challenges with Student Loans
The restart of federal student loans will bring challenges as consumers must decide which debts to prioritize. The “Fresh Start” program reset delinquencies for many, making it harder for institutions to gauge a consumer’s financial health. Discussing potential strategies, Carrie suggests that institutions need to adopt a more holistic approach to consumer data.
She also emphasizes the importance of communication.
“Some of the biggest promises and times of economic volatility is proactive communication with your data providers. Challenge them to ensure they’re giving you the most complete holistic information they can around the consumer. And then, and then strategizing with them. If you see something coming up on the horizon, the sooner you can inform them of those challenges, the better they can work with you.”
In wrapping up, Carrie notes that the challenges with student loans are a testament to the ever-evolving financial landscape. Institutions that are agile, empathetic, and informed will be able to navigate these changes successfully.
Learn more about Carrie
Are you looking to get more insights into consumer data and finance? Check out the C&R Software blog, where experts like Carrie share their thoughts.
Learn more about Carrie’s background and expertise by checking out her LinkedIn.
And remember, keep tuning into Collecting Thoughts. Christina has some exciting conversations with leaders from the data, finance, and software sectors.
