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The debt collection process involves many different steps. Before you can collect on a debt, you need to locate debtors, manage collections accounts, get in contact with debtors, gather consumer information for account monitoring, and more. Handling all these moving pieces can be challenging for even the most experienced debt collectors, which is why it’s important to capitalize on tools and techniques that make the process easier .
When you build a toolbox to streamline your collections process, you can maximize your collections strategy and recover more debt. From skip tracing tools to debt management and consumer data, here are 4 of the best debt collection tools and techniques for better debt collection.
Get the best debt collection tools for skip tracing
Every collections firm needs to locate debtors in order to collect on debts, but when a debtor has “skipped town” or isn’t living at the address you have on file, locating that person is significantly more difficult. In these situations, collections firms use skip tracing. So what is skip tracing for collections? Skip tracing for collections is when collections agencies use a variety of tools to locate a debtor who has “skipped town,” or is living somewhere other than the address which you currently have. Whether you’re trying to find a debtor who is on the run or a debtor with outdated address records, you can use a public and private records database for skip tracing.
With the best debt collection tools in a public and private records database, you can not only gather current addresses, but also search address history, which can help you make guesses as to where a debtor may be moving to. You could also use utility listings data and other alternative data sources to help fill in missing holes and get more accurate data than credit header data. You can also use a people search to find relatives and business associates, allowing you to build a web of connections and gather more information f about the debtor’s possible whereabouts.
- To skip trace a particularly hard-to-find debtor, collectors need the best debt collection tracing tools available.
- A public and private records database can provide valuable information for skip tracing, like current location and address history, as well as names of relatives and associates.
- You can also search utility listings data to get up-to-date address and contact information pulled directly from utility companies, including phone, gas, bill, electric, and more.
Use batch skip tracing in your debt collection tools and techniques
Many collections agencies, particularly large collection agencies, need to skip trace high volumes of accounts. But no one wants to perform manual searches over and over and over again. So how can you cut down the time it takes to skip trace many debtors? With batch skip tracing. Batch skip tracing allows you to locate a large number of debtors more quickly..
A public and private records database can help you perform batch skip tracing by allowing you to batch process high-volume searches at once. You can batch process addresses and contact information, which can be used to batch skip trace difficult-to-find individuals and recover more debt. Learn more about why your collection agency needs batch processing.
- Batch skip tracing is the process of locating multiple people all at once.
- With batch skip tracing tools in a public and private records database, you can batch search large numbers of debtors and get lists of skip tracing information all at once.
- Batch skip tracing helps you save time and money performing individual searches, allowing you to locate more debtors, collect on more accounts, and bring in more profit.
Streamline collections with a debt management and collections system
Debt collectors need to segment accounts, contact debtors, and collect payments. Manually handling all these tasks can be time-consuming, inefficient, and costly.. Rather than trying to track and do everything on your own, use collections management software.
Collections management software helps collection agencies manage their collections and automate routine tasks for more efficient and effective collections processes. For example, you can use collections management software to automate daily workflows, track payments, and contact debtors. When you pair a collections management software with a public and private records database, you’ll be able to quickly collect the data you need and automate the tasks that follow — allowing you to focus your resources on high-priority accounts.
- Collections management software helps debtors the administrative side of collections, like processing payments and making phone calls.
- Rather than using a variety of different tools to perform each task, you can use collections management software to manage each step in one centralized platform.
- Automating and managing certain tasks with collections management software solutions helps ensure nothing falls off your plate and frees up time for more important tasks.
Access debt collection tools with powerful consumer data
How can you collect on accounts efficiently if you don’t know enough about the individuals behind the accounts? You need to be sure you’re prioritizing the right accounts, contacting the right people, and implementing the right collections strategy for specific accounts. To maintain an accurate picture of your debtors, you can use the debt collection tools and consumer data provided in a public and private records database.
With a public and private records database, you can perform a people search to gather current phone numbers, emails, addresses, relatives, and associates for better skip tracing and right-party contact.You can also gather data on bankruptcy records and deceased records to quickly scrub uncollectible accounts and focus your energy on pursuing accounts that will bring in profits. With access to the best consumer data, you’ll get clear insight into who your customers are and how to collect on them in the best way possible.
- If data about a consumer changes, you need to know right away in order to update their profile and take the necessary next steps for effective debt collections.
- To stay up-to-date on debtors, you can use a records database that pulls data from a variety of sources to provide the most accurate and current information available.
- With access to up-to-date data including addresses, contact information, and debt records, you’ll be able to determine the most debt collection effective for each account
Ready to add searching a public and private records database to your debt collection tools and techniques? Get started with Tracers today.