RNN Announces New Solution to Save PCA’s Thousands in Expenses

RNN Group Inc. (RNN), a Small Business and HUB Zone certified data provider, announces a new product feature to batch locate and provide local employer phone numbers for PCAs. This new batch product will reduce the internal workload for Private Collection Agencies (PCA’s) by streamlining the process to contact borrowers and, if necessary, initiate Administrative Wage Garnishment (AWG).

This new service enables PCAs to expedite the opportunity to contact borrowers at work offering voluntary repayment options.  For those who fail or refuse to enter voluntarily repayment, the service also contributes to meeting the activity requirements for AWG as specified by ED.

To ensure that AWG is used only as a tool of last resort before identifying accounts eligible for AWG, a PCA must meet several requirements. One of the requirements is to locate and make at least 7 attempts to contact the borrower at their place of work.

“PCA’s spend thousands of dollars on verified employment information that typically does not include the local employer phone number where the borrower physically works.”  said Donna Weaver, President of RNN Group. “Due to this, PCAs typically incur significant labor costs to manually locate and document up to 7 local phone numbers used to attempt to contact borrowers at work. Furthermore, manual research takes more time to the process, thus slowing the revenue cycle.”

RNN’s new product will automate the local phone research process to deliver phone numbers electronically. PCAs will benefit by reducing/eliminating the internal effort to manually complete this requirement so staff can focus more time on assisting borrowers and resolving accounts, thus generating revenue faster through voluntary payments or, as a last resort, through AWG.  Time is money and regardless of the method of resolution this value-added service is a big contributor to bottom line profits and time to revenue.  This batch product and all RNN services are provided meeting all Department of Education requirements.

We are very excited to provide this new local employer phone service to our valued customers. Our clients can simply upload a batch file with employer name, borrower city, state and zip code, into RNN’s SaaS platform. RNN will then batch return local employer phone numbers for auto upload directly into their software system. Employees will spend less time web surfing, which is expected to save thousands of labor dollars in addition to speeding up the generation of commission revenue.