Collection Agency Software
Debt collection software to uncover the truth about your uncollectibles
A collection agency has to do a significant amount of research in order to effectively collect and recover debt. There’s a lot of work to do behind the scenes — like skip tracing — and getting the information to do that work is crucial to making sure you’re doing your job properly. While this research is one of the most important parts of the collections process, it’s also one of the most time-consuming and tedious. So what can you do to make it easier? Use a debt collections software like a public and private records database to perform quicker research and streamline the collection process.
Use the best debt collection software to weed out uncollectible records
Many collection agencies handle what businesses refer to as “uncollectible” records, which are often just records like bad debts that are far overdue and difficult to collect on. However, for collection agencies, “uncollectible records” means records that you legally can’t collect on, like deceased records or bankruptcy records. When you utilize a public and private records search engine to scrub records, you can more easily determine which records are actually uncollectible and focus your efforts on accounts that you can legally collect on.
- For collection agencies, an uncollectible record is typically one you legally can’t collect on anymore.
- Any time and effort spent trying to collect on these records is wasted because you won’t be able to earn any money from them, and you may even face legal consequences if you do try to collect on them.
- Before you start the collections process, you should use a debt collections software to scrub uncollectible records.
Collect information using your preferred method with a collection agency software
There are many methods financial institutions can use to collect information about people in a public and private records database. You can perform individual searches like a single address history search, use batch skip tracing, or even use an API system to integrate third-party data with your own platform. These methods all work well for different companies, and you should choose the debt collection method that works well for your company’s unique structure, whether you’re a small business or a large business. The best public and private 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 relevant information on both debtors and clients, whether it’s with single searches, batch processing, or API.
- These different methods allow your agency to move through the collection process in the way that you’ve found works best for your employees.
- When you invest in a good collections software, you can choose the data collection method that fits your specific needs and tailor these methods as your company grows and scales.
Use a debt collection management software to pinpoint right-party contact
Right-party contact refers to contacting the correct person the first time. In collections, right-party contact is extremely important because if you try to contact someone with the same name but different identity as a debtor, you’re wasting your time and possibly exposing yourself to legal issues. To increase your chances of right-party contact and avoid wasting time accidentally contacting the wrong person, use a public and private records search engine that cross-references records across multiple sources and offers tools like phone appends.
- Right-party contact is important to collection agencies both financially and legally.
- If you increase your chances of right-party contact, you’ll save time and money and ensure you’re working compliantly.
- Cross-referencing records through a high-quality public and private records search engine will help you maintain right-party contact.
Get a debt collections software to looking into clients as well as debtors
Most debt collection agencies are focused on researching debtors, so they build their systems around getting more information about the subject of debt. However, it’s equally important that you look into clients. If you’re working on commission for a specific client and you learn that the client is currently having financial troubles, you may want to reconsider taking that client on. You can get this corporate risk information, like business records, through a public and private records search engine.
- Making smart collections decisions involves researching both debtors and clients.
- If you’re working on a commission for a business, you’ll want to gather information about that business in order to reduce risk.
- When you use a public records and private search engine with business records, you can get crucial information on your clients to make more informed decisions about who to work with.
Utilizing Tracers debt collection software solution for easier collections attempts
If you’re a collection agency, you should use a debt collections software with public and private records to increase right-party contact, do your due diligence on both clients and debtors, and streamline your debt collection systems. The best public and private records database will provide you with comprehensive and up-to-date records pulled from multiple sources — and this is exactly what Tracers offers.
Tracers debt collection software solution provides over 42 billion records pulled from more than 6,000 sources and allows you to access the data from any device, anywhere you want. The vast array of sources helps you cross-check information, ensuring you have the highest-quality information available on all your clients and targets. And with multiple methods for data collection, like API and batch processing, you can gather data in the best way for your agency to work more effectively and efficiently overall.
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What is collection agency software?
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 collections process, it’s also often one of the more time-consuming parts. Collection agency software helps collection agencies perform the research they need to get the job done quickly and effectively.
Who can benefit from using collection agency software?
There’s a lot of work to do behind the scenes in a collection agency, such as skip tracing, but getting that information is crucial to making sure you’re doing your job properly. A collection agency that needs information in order to skip trace individuals, look into clients and debtors, and ensure right-party contact can benefit from using a collection agency software.
What does collection agency software reveal?
Collection agency software reveals uncollectible records, contact information with phone appends, important information on clients and debtors, and more to help you perform the research you need to collect on a debt.
What do I need to get started with using collection agency software?
To get started using collection agency software, try a collection software like Tracers. Tracers provides access to both public records and proprietary sources. Tracers collects 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.