There are typically two ways to handle credit accounts that go unpaid. You can either send them to a third-party collection company, which will attempt to collect the debt on your behalf, or you can send them to an internal first-party collection branch. First-party collection is useful for many companies because it minimizes fees and gives you more control over how you collect. However, you need a lot of information to do it right. Here’s how public records can help.
Handling Client Relationships More Easily
One of the major benefits of first-party collection is that you have more control over your client relationships. When you try to collect on debts in-house, there’s more of a possibility that you’ll be able to maintain your relationship with your client. A third-party collection agency doesn’t give you that amount of control. You can utilize public records to approach clients directly for a better lasting relationship.
- Maintaining good relationships with your clients is an important part of getting future business from those clients.
- Even if you have outstanding debts from a client, you may be able to maintain a good client relationship.
- It’s important that you have access to a quality public records search engine so you can contact clients directly.
Finding Debtors Who Are Trying to Avoid Debt
In some cases, you may find that a debtor intentionally starts to try and avoid the debt they’re delinquent on. This can be very difficult to handle, especially for in-house collection agencies. Skip tracing tools can make it easier, but traditionally, these have been mostly available only for third-party collection agencies. A quality public records search engine gives you access to these skip tracing tools.
- Finding people who don’t want to be found is difficult, and that’s typically where collection agencies utilize skip tracing.
- When it comes to skip tracing, it’s important that you have the most powerful tools available.
- Skip tracing tools from a public records search engine can help your in-house agency collect on difficult-to-trace debts.
Getting in Touch With Employers and Relatives
It can be difficult to find contact information for an individual. In certain cases, you may be legally allowed to contact an individual’s employers or close relatives to ask them direct questions about a debtor’s last known location or contact information. However, that means you need a way to look up a person’s background information. When you utilize a high-quality public records search engine, you may be able to get contact information for a person’s employer and relatives.
- Contact information is a scarcity for many debtors, especially those who are actively trying to avoid you.
- However, in some instances, you may be able to talk to a debtor’s family members or employers to get that information.
- With relationship linking, which you can find through some public records search engines, you can discover this knowledge.
Developing a Protocol to Send Records to Third-Party Collections
There may still be records that your company can’t collect on. Because a third-party collection agency typically does nothing except for collections, they’re able to dedicate more time, effort and research to tracking down debtors. They may even be able to bring in law enforcement. With a great public records search engine, you can develop a protocol that guides your company’s decision on whether or not to send records to collections.
- Even if you have a first-party collection agency, there’s still a use for third-party collection agencies.
- As a company that extends credit, you should develop a protocol for when to send records to those agencies.
- The information available through a public records search engine can help you make your decision.
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Make Your First-Party Collection Attempts Easier With Tracers
First-party collections can be easier than third-party collections, but only if you’re able to get access to the same quality tools that third party collections companies have access to. The good news is, you can have access to these tools. You just have to utilize a high-quality public records search engine like Tracers.
Tracers gives you access to information whenever you want it. You can draw from over 43 billion records, sourced from over 6,000 locations, to get to the information you’re looking for. Pulling information about someone’s financial situation or getting contact information can help your in-house collection agency function more effectively. Utilize Tracers to get the highest-quality information whenever you want it.