How junk debt buyers can streamline the collections process
When companies have loans that are extremely overdue, they usually turn into debt collection lawsuits, and there are a number of ways to handle these debt claims. Some companies, like credit card companies, choose to contract a third-party collection agency to collect on old debt, but that can take a long time and there’s no guarantee the company will be able to collect. Another option is for the original creditor to sell the debts to debt buyers. These junk debt buyers may buy debt outright for very cheap because once they’ve purchased the debt, any money they collect is theirs to keep. If you own a debt-buying collection agency that deals with debt claims, use a public and private records search engine to make it more effective.
Get a debt buyer software to research the company selling debt
An important part of managing a debt-buying business is in researching the original creditor company you purchase debt from. Where does this company get most of its debt – is it credit card debt, consumer debt, or something else? Is it selling debt at an industry-standard price? Does it have its own issues, like a history of bad debts or default judgments? These are all important questions to ask before you purchase debt from a company in order to mitigate your corporate risk. To get this information quickly, use a public and private records search engine.
- Before you purchase debt from a company, it’s important that debt purchasers research the company that’s selling it in order to minimize risk.
- When you get information about a company’s background, like any financial issues or default judgments, you can make a more educated decision about whether or not to buy the debt.
- With a public and private records search engine, you can gather comprehensive and up-to-date information about a company’s background.
Remove uncollectible records with a cheap debt-collection software
There are two types of “uncollectible” records in a debt claim: those that take a lot of time and energy to collect on, like delinquent debt, and those that you don’t have a legal right to collect on, like bankruptcy records and deceased records. The first type of debt in a debt claim is the type of debt that debt buyers should purchase, however, it’s up to you to avoid pursuing legally uncollectible records so stay within your statute of limitations and avoid wasting time and money. If someone’s deceased or recently declared bankruptcy, a public records search engine can help debt collectors weed out those records, stay compliant with the Consumer Financial Protection Bureau and regulations like the Fair Debt Collection Practices Act, and take the necessary legal action.
- So-called “uncollectible” records may just be records that are very difficult for you to collect on.
- On the other hand, if someone has declared bankruptcy or is deceased, you may not be legally allowed to collect certain debts.
- A public and private records search engine can help you quickly scrub and remove these types of records.
Obtaining all sorts of contact information before buying up debt
There are many types of contact information you may need to gain access to for debt buying. Not only can contact information be useful for skip tracing and right-party contact, but this information may even be legally required. For example, sometimes debt purchasers and debt collectors legally have to send a letter to a debtor after contacting them through phone calls. A public and private records search engine can help you gain access to this basic information with tools like phone appends.
- There are many types of important contact information you can uncover with the best debt collection software.
- The contact information you need could include email addresses, physical addresses, and phone numbers.
- If you’re looking to find the right type of contact information, perform a people search in quality public and private records search engine.
Use a debt buying software to streamline your collection process
A key way to make more money as a debt-buying agency is to streamline and shorten your debt collection process. The less time and energy you spend on each collection attempt, the more attempts you’ll be able to make, which will in turn increase the amount of money you’re able to recover. A public and private records search engine that offers API integration and batch skip tracing with batch processing will help you gather more information quickly and streamline your collection agency’s processes.
- As a debt collector, your revenue is directly correlated with your ability to track down debtors and collect on a debt.
- If you want to bring in more revenue, it’s important that your company streamlines and shortens its overall collections cycle.
- The best way to streamline your processes is to automate parts of your debt buying, like data collection, which you can do through a public and public records search engine.
Can Tracers help debt buyers?
Public records are hugely beneficial for debt buyers because records like address history can help you track down and get in contact with debtors more effectively. To access the most comprehensive public and private records, use a public and private records search engine like Tracers.
With Tracers, you can be sure you’re getting the most accurate and reliable information available. Tracers cross-referenced over 120 billion records gathered from over 6,000 sources, like multiple credit header files, so you can gather top-tier data. Plus, you can search records in a variety of ways.
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What is debt buyer software?
When a company has a loan that’s extremely overdue, there are a number of ways to handle the loan. Some companies choose to sell the debts to debt buyers. These buyers may buy debt outright for very cheap; once they’ve purchased the debt, any money they collect is theirs to keep. If you own a debt-buying collection agency, debt-buyer software helps you perform research and streamlines the collection process.
Who can benefit from using debt buyer software?
Debt collection agencies can benefit from the skip tracing and automation tools available with debt buyer software, but it can also help a number of other industries. For example, collections agencies, investigators, law enforcement, legal professionals, and more can all benefit from the data provided in debt buyer software.
What does debt buyer software reveal?
Debt buyer software reveals information about a company’s background that can help inform your decision about buying debt from the company, as well as show you uncollectible records like bankruptcies that will help you remove these records and stay compliant. You can also gather a variety of information from a debt buyer software about a debtor that will help you skip trace and contact that individual.
What do I need to get started with debt buyer software?
It’s important that debt buyers use the best debt buyer software available, which is why many debt-buying companies use Tracers. With Tracers, you can be sure you’re getting the best possible information. Tracers cross references over 120 billion records, gathered from over 6,000 sources, so you can gather top-tier data. Plus, you can utilize records in a variety of ways, ranging from API to information through one of Tracers’ partners, so it’s easy to get the information you need when you need it.