Data-Midas Introduces Unique Software Application to Support Collection Agencies
LAS VEGAS, October 14, 2019 (Newswire.com) - Data-Midas, a provider of innovative cloud-based technologies, has introduced Midas Touch, a unique software application that will enable collection agencies to make money on the data that they create.
Currently, when a mortgage company needs an updated credit history to qualify a borrower, it contacts a credit reporting agency (CRA). The CRA contacts collection agencies directly to verify that debts have been paid off and create an updated credit report. (Even when a debt is verified as “unpaid,” the mortgage lender won’t necessarily require that it be paid.) The CRA charges the mortgage company up to $50 for each verification, but the collection agency isn’t paid for their data.
“Most collection agencies and other data creators are unaware that they are giving away the vital information they have created,” said Alan Baia, Data-Midas president. “Our technology will, for the first time, curtail third-party reporting agencies’ easy access to this critical data and, most importantly, ensure that the creators of collection credit history benefit from the revenue stream.”
Midas Touch serves as a gateway between the CRA and the collection agency service center. Rather than acquiring the data directly from the collection agency, Fannie Mae-approved credit reporting agencies will be given secure access to the Data-Midas verification portal. The portal retrieves the necessary credit data from the collection agency software system, populates a Verification of Collection (VOC) form (in VOC format and XML), and sends it to the CRA. The collection agency receives a report detailing all requests and information provided.
Data-Midas charges the CRA a transaction fee, a portion of which is shared with the collection agency.
“This is an efficient, turnkey application that provides collection agencies a solution to make money whenever they share their data with a credit reporting company,” said Binh Dang, Data-Midas CEO.
For more information, visit www.data-midas.com or call 800/270-7416.
About Data-Midas: Data-Midas, a developer of technology solutions for loan servicing, collection agencies, and court records, was founded by Alan Baia, president, and Binh Dang, CEO. Baia was previously the founder of Cogent Road and creator of Funding Suite, Taxdoor and Roohmz Mortgage. Dang was co-founder of MeridianLink and creator of MortgageCreditLink, Lending-QB and PriceMyLoan.