A collection agency has a lot of work to do when it comes to research. Unfortunately, while research is a very important part of the collection process, it’s also often one of the more time-consuming parts. There’s a lot of work to do behind the scenes, but getting that information is crucial to making sure you’re doing your job properly. What can you do to make it easier? Here are a few ways public records are helping collection agencies across the country.
Weeding Out Uncollectible Records
Many collection agencies work with what businesses refer to as “uncollectible” records, which are typically just records that are far overdue. However, for collection agencies, “uncollectible records” takes on a new meaning. This typically refers to when the owner of a record is deceased or has declared bankruptcy, making the record legally uncollectible. When you utilize a public records search engine, you can more easily uncover which records are actually uncollectible.
- For collection agencies, an uncollectible record is typically one you legally can’t collect on anymore.
- Any time and effort you put into these records can be wasted because you won’t get any money out of them.
- Before you start researching records, it’s a good idea to use a public records search engine to find uncollectible records.
Collecting Information Using Your Preferred Method
There are many methods you can use to collect information about people. You can perform individual searches, use batch processing, or even try out an API system to get information through your own framework. These methods all work well for different companies; depending on the way you’ve structured your company, you may prefer one of these methods over the other. A good public records search engine will allow you to collect information using whatever method your company prefers.
- Every collection agency is going to prefer a different method of gathering information on both debtors and clients.
- These different methods allow your agency to move forward in the way that you’ve found works best for your employees.
- It’s a good idea to invest in a public records search engine that allows you to gather information in whatever way you’re most comfortable with.
Pinpointing Right-Party Contact
Right-party contact refers to being able to contact the correct person. In collections, right-party contact is extremely important. If you’re trying to contact someone with the same name but different identity as a debtor, you’re just wasting your time and you may even be leaving yourself open to legal issues. Having a public records search engine that cross-references records allows you to contact the right person, rather than accidentally getting in touch with the wrong individual.
- It’s both financially and legally important that your collection agency always contacts the right person the first time.
- For a collection agency, right-party contact is one of the most important things to prioritize over everything else.
- Cross-referencing records through a high-quality public records search engine can help you maintain right-party contact.
Looking Into Clients as Well as Debtors
Most collection agencies only think about researching debtors, so they build their systems around getting more information about debtors. However, it’s equally important that you look into clients. If you’re working on commission for a specific client and you learn that client is currently having financial troubles, you may think twice about taking the client on. You can often get corporate risk information through a public records search engine.
- There are many people and businesses a collection agency may need to get more information about.
- That includes not only debtors but also clients, especially if you’re working on commission for a business.
- When you use a public records search engine for your collection agency, you can get crucial information on your clients.
“After joining Tracers, our recovery increased by 14 percent!"
Utilizing Tracers for Easier Collections Attempts
It’s clear that having access to a quality public records search engine can make it easier for you to handle collections. However, what if you were able to get access not only to public records, but also proprietary sources that could deepen your understanding of a target? That’s what Tracers offers: better information driven by more sources.
Although public records can be beneficial on their own, they’re no match for Tracers, which collects over 42 billion records from more than 6,000 sources. The vast array of sources allows you to cross-check information, which ensures you have the highest-quality information available on all your clients and targets. Tracers data can help you do your job more effectively overall.