As a collection firm, assessing your possibility for debt recovery should be an important part of what you do every time you get a new group of overdue payment records. When you assess these new records, you can assign different collections agents to them, make sure you’ve removed any problems, and streamline your collections process. A great way to do that is with public records. Here are a few of the ways public records can help your collection agency.
Gathering Information From an Individual’s Background
Background information on someone can actually be an important part of understanding their ability to pay and potential for trying to avoid your collections agency. For example, someone with many liens and judgments on their assets may have more of a reason to avoid collections agencies, which means you may have a more difficult time collecting from them. Gathering this background information is easier when you have information from a public records search engine.
- Background information can be an incredibly useful part of understanding a debtor’s ability to pay their debts.
- When you have certain background information, you’ll be more able to handle different types of debt recovery.
- With a public records search engine, you’ll be more able to gather the right types of background information.
Handling Skip Tracing From the Beginning
As a collection agency, you’re probably going to invest a lot of time in skip tracing. Whether someone’s intentionally skipped town to try and avoid debt collectors or you’re just having a hard time contacting the individual using the contact information you received from the original creditor, tracking someone down will probably take a lot of your time. A public records search engine may be able to help you do it more easily.
- When it comes to collections, you’re probably going to spend a lot of time tracking people down.
- A good way to avoid spending a significant amount of time on this is to start as soon as possible.
- The right public records search engine may be able to help you start skip tracing as soon as possible.
Removing Uncollectable Records
When you receive a batch of new records, it may also include records you can’t collect on. These records may belong to deceased people or people who have since filed for bankruptcy. Removing these records will help you avoid spending lots of time and money trying to locate someone who can’t pay anyway. A public records search engine may be able to help you remove them.
- There are many reasons your agency may not be able to collect on a certain account.
- You can uncover most of these reasons before you go to collect on an account that won’t turn up any leads.
- The best way for your agency to remove uncollectable records is to utilize a public records search engine with access to Death Records, SSN Information, Dates of Birth, and more.
Creating Your Own Formula for Handling Debtors
An important part of debt recovery assessment is creating your agency’s own formula for handling debtors. For example, you may have certain collectors that you assign to cases where an individual owes over a certain amount, or certain collectors you assign to cases where you have to do a lot of skip tracing. Regardless of the formula you choose to create, a public records search engine can help you get the information you need to enforce it.
- Different debtors respond best to different approaches, so it’s best to tailor your approach to the individual.
- If you’re going to tailor your various approaches, it’s a good idea to get as much information as you can.
- Before you start to create a formula, you should make sure you have information available through a public records search engine.
“One of the biggest differences between Tracers and [other providers] is the personally identifiable information that Tracers provides.”
What Can Tracers Do to Benefit Your Debt Recovery Assessment?
Debt recovery assessment is an important part of making sure your debt recovery attempts are successful. When you’re able to do more successful debt recovery assessments, especially at the very beginning of your debt recovery process, your collections agency will make more money. Tracers can help your company handle debt collection more effectively.
When you utilize Tracers for your debt recovery assessment, you have a variety of options for getting information. That includes batch processing, API, or information through a partner. Plus, Tracers offers access to over 42 billion records covering over 700 million Americans living and dead, making it an expansive information option. With Tracers, you don’t have to wonder whether you have enough information for your needs.