First American Launches Debt Recovery Software Company
—First American Intelligent Recovery Systems to Market Comprehensive Debt Collections Collaboration Software to U.S.-based Creditors and Debt Recovery Vendors—
July 23, 2007, WESTLAKE, Texas
The First American Corporation (NYSE: FAF), America’s largest provider of business information, today announced the launch of First American Intelligent Recovery Systems, a new company under First American Default Information Services division, which markets collaboration software used by the debt recovery industry.
First American Intelligent Recovery Systems’ products include CollectLink®, the industry’s leading collection agency management software. With CollectLink, creditors and collection agencies are able to extend their existing systems to yield increased efficiencies through coordinated efforts and commonly shared resources. CollectLink provides extensive workflow and file assignment capabilities, accurate and timely data sharing, enhanced reporting and auditing functionality, and accurate bill approval processing.
RepoLink®, First American Intelligent Recovery Systems’ other collaborative software platform, provides automobile finance companies and repossession agencies with real-time communication, updates, and reporting on auto seizures and recoveries. With RepoLink, creditors can create dynamic recovery strategies, measure real-time vendor performance, ensure service level compliance, improve productivity and streamline billing reconciliation through an automated process with full auditing capabilities.
“First American is dedicated to providing best-in-class default solutions to the mortgage, credit and financial services industries,” said Chris Leavell, chief operating officer of First American Default Information Services LLC. “CollectLink and RepoLink are a natural expansion of our business, and with the launch of First American Intelligent Recovery Systems, these products allow us to leverage our domain, data and analytics expertise across these and other industries.”
Richard Allen, who was previously vice president of First American Default Information Services, has been appointed as chief operating officer of the new company. “We’re seeing a lot of excitement in the industry and feel that, as the leader in the default solutions arena, First American is uniquely qualified to provide the expertise and resources to make CollectLink and RepoLink the leading debt recovery software platforms here in the United States. CollectLink and RepoLink represent a leap forward for creditors and agencies, as they can now electronically manage assignments, track performance, improve communications, streamline billing and increase overall recovery rates.”
About First American
The First American Corporation (NYSE: FAF), a FORTUNE 500® company that traces its history to 1889, is