Building an Enterprise-Level Approach to Reduce Risk

The Big Picture In today’s heightened regulatory environment, it’s hard to imagine that just a decade ago, banks handed over charged-off accounts to outside recoveries agencies without much thought. After all, the bad debt had been written off and the banks had already invested considerable resources during the collections process trying to get those customers reestablished.

As I look back at the evolution of Spinnaker and on the learnings we’ve collected over our engagements to date, I see one common thread: our best solutions come out of need, and oftentimes a place of frustration. They rarely come from, “Hey, wouldn’t it be interesting if…” or “You know what I really want…”. They come from an individual, or a group of individuals, working towards a goal where they themselves cannot identify a solution – they need guidance and consultation on how to get to the best version of “there”, and how to do that efficiently.

Credit Reporting Agencies are the backbone of our nation’s lending practices, as the information they deliver about a consumer’s financial profile often determines the terms of any loan and whether an application is approved. In normal times, as a best practice, banks and other financial institutions regularly furnish customer data to those agencies, also known as credit bureaus – but they maintain autonomy on what they furnish and to which agency.