When a company has a loan that’s extremely overdue, there are a number of ways to handle the loan. Some companies choose to contract a third party to collect on these debts, but that can take a long time, and there’s no guarantee the company will be able to collect. Another option is 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 company, here’s how to use public records to make it more effective.
Researching the Company Selling Debt
An important part of managing a debt buying business is in researching the company you purchase debt from. Where does this company get most of its debt? Is it selling debt at an industry-standard price? Does it have its own financial issues? These are all important questions for mitigating your corporate risk before you purchase debt from a company. It’s easier to get that information through a public records search engine.
- Before you purchase debt from a company, it’s important that you research the company that’s selling.
- When you get information about a company’s background, you can make a more educated decision.
- With a public records search engine, you can gain all sorts of information about any company’s background.
Removing Uncollectible Records
There are two types of “uncollectible” records: those that take a lot of time and energy to collect on, and those that you legally can’t collect on. The first type tends to be the type that debt buyers purchase. However, it’s up to you to avoid pursuing legally uncollectible records so you don’t waste time and money on them. If someone’s deceased or recently declared bankruptcy, a public records search engine can help you weed out those records and stay compliant.
- So-called “uncollectible” records may actually just be records that are very difficult for you to collect on.
- On the other hand, if someone’s declared bankruptcy or is deceased, you may not be allowed to collect certain debts.
- You should use a public records search engine to look through an individual’s background and remove these types of records.
Obtaining All Sorts of Contact Information
There are many types of contact information you may need to gain access to. Not only can various types of contact information be very useful for many people, but this information may even be legally required. For example, sometimes debt collectors legally have to send a letter to a debtor after contacting them through the phone. A public records search engine can help you gain access to this information.
- There are many types of important contact information you may need to gain access to for collections.
- This includes various contact information like email addresses, physical addresses, and phone numbers.
- If you’re looking for the right type of contact information, it’s important to utilize a quality public records search engine.
Streamlining Your Collection Process
An important part of making more money with a company is streamlining your various processes. The less time and energy you’re able to spend on each collections attempt, the more attempts you’ll be able to make per day, which will increase the amount of money you’re able to recover. A public records search engine that utilizes API integration will help you streamline your company’s collections process.
- As a debt buying company, you receive all of your revenue from your ability to track down debtors.
- If you want to handle more revenue, it’s important that your company is able to streamline its overall processes.
- The best way to streamline your processes is to automate parts of your debt buying, which you can do through a public records search engine.
“After joining Tracers 10 months ago, our recovery increased by 14 percent!"
Can Tracers Help Debt Buyers?
There are many situations in which public records can be beneficial for debt buyers. In fact, many debt buyers utilize a variety of tools, including public records, to track down debtors more effectively. It’s important that debt buyers use one of the leading public records search engines 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 43 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.