TransUnion Survey: Big Data Management, New Privacy Laws Could Define Future of Private Investigation Industry
CHICAGO, IL--(Marketwired - Dec 1, 2014) - A new survey from TransUnion TLOxp® found that privacy regulations and big data management are top priorities for the private investigation industry. The survey -- which included more than 1,600 private investigators across the country -- found that nearly six in 10 private investigators agree or strongly agree that the volume of data available today is unmanageable without advanced data aggregation tools.
Although private investigators find big data unmanageable without the proper tools, 65% of respondents believe the increased use of big data will have a positive or very positive impact on the industry over the next five years. Private investigators sort through massive amounts of data -- such as current and past addresses, liens, judgments & bankruptcies, phone numbers, assets, and more -- to conduct deep investigations. Using big data tools, investigators can pull comprehensive or customized reports for each case, identify links and close cases faster and more efficiently.
"Private investigators rely on big data to discover and analyze information that is essential to their investigations," said Tim Martin, executive vice president at TransUnion. "Our private investigator survey found that this group recognizes the importance of big data, and are optimistic about how tools such as TLOxp can assist in managing and finding insights from the millions of records that exist today."
In addition to big data management, survey respondents ranked skip tracing tools as highly important. Nearly five in 10 private investigators ranked these tools as their top business investment, and would select skip tracing if they could only purchase one tool for a new private investigation business.
"In today's world, information alone is not enough. Private investigators need advanced linking of structured and unstructured data to connect the dots and solve their cases," said Martin. "Skip tracing and big data management tools offer a reliable, accurate and quick way to locate people. TransUnion's TLOxp services provide each private investigator with customized searches to meet his or her unique needs, ultimately helping them finish investigations faster."
The survey also found private investigators are concerned about the impact of new privacy laws and regulations. More than 91% of survey respondents believe new privacy laws and regulations will have a very negative impact on the industry.
Despite privacy concerns and the increase in data breaches and identity theft, the TransUnion survey found that only three in 10 private investigators offer identity theft services to their clients. "As companies and consumers experience the impact of data breaches, identity theft may see a larger presence in private investigators' portfolios in 2015," added Martin.
TransUnion's TLOxp® for Licensed Investigators leverages the largest, most powerful online database of public and proprietary records available providing information about people, businesses, assets, and locations. Private investigators, detectives, bail agents, and process servers use TLOxp to conduct deep investigations to find missing persons, locate and recover debt and find bail fugitives faster than ever before. More information about TLOxp can be found at www.tlo.com.
As a global leader in credit and information management, TransUnion creates advantages for millions of people around the world by gathering, analyzing and delivering information. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering comprehensive data and advanced analytics and decisioning. For consumers, TransUnion provides the tools, resources and education to help them manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Founded in 1968 and headquartered in Chicago, TransUnion reaches businesses and consumers in 33 countries around the world on five continents. www.transunion.com/business