A third-party collection agency can be beneficial to certain companies. If a company has debts that are so far overdue as to be essentially uncollectible, that company may consider sending them to a third-party collection agency. Because the third-party collection agency focuses only on collecting on these debts, that agency may be able to collect on the debt. Here are a few ways your third-party collection agency may be able to collect even easier with a public records search engine.
Handling Skip Tracing More Easily
One reason that a company may be unable to collect on a debt is because the person has intentionally “skipped town,” making it more difficult to get in contact with that person. Skip tracing tools can help when you can’t find someone, whether because the individual changed their contact information or because they’re intentionally hiding. High-quality public records search engines can help you with skip tracing tools.
- In any collection agency, you’re going to have to grapple with individuals who are no longer contactable.
- Third-party collections often have more issues with people who have “skipped town” because they’re dealing with debts companies have written off.
- When you’re looking for a way to manage skip tracing, you should consider a public records search engine.
Removing Truly Uncollectible Records
A business is likely to write off some records as “uncollectible” when the record is overdue for an extremely long period of time and repeated attempts to contact the individual have been useless. However, there are also uncollectible records you legally can’t collect on. For example, you might not be able to collect on records belonging to a deceased person or someone who’s declared bankruptcy. A public records search engine can help you remove those records.
- Businesses tend to consider a record “uncollectible” when it’s actually just very difficult to collect on.
- There are genuine instances in which a record may be uncollectible through any legal means.
- If you want to separate these types of records, you should use a public records search engine’s checks for Bankruptcies, Death Records, and more.
Getting More Contact Information
When you’re trying to collect on a debt, you need a lot of contact information. The thing is, that contact information can’t just be for one source. You can’t just have someone’s phone number or someone’s address; it’s best if you have contact information for all of these things at once. Utilizing a public records search engine, it’s easier than ever for you to get that contact information.
- Contact information is key in third-party collections, especially because you probably don’t have a lot.
- Legally, you may need to contact an individual in a variety of ways before you can collect on a debt.
- With additional sources from a public records search engine, it can be easier to gain contact information.
Researching the Company That’s Contracting Your Agency
Sure, it’s important that you’re able to research the individuals you’re tracking down, but potentially even more important is researching the company your agency is working for. Managing corporate risk isn’t just something that large corporations should do; it’s also something your collection agency should do. With robust public records search engines, you’ll be able to look into companies that contract your third-party collection agency.
- Researching the companies your agency receives records from is an important part of running a third-party collection agency.
- With research, you can make sure you’re receiving records from a reputable company that will pay your agency.
- The best way to get this information is through a public records search engine that can help you with your research.
“After joining Tracers, our recovery increased by 14 percent!"
Can Tracers Help Your Third-Party Collection Agency Function More Effectively?
Collection agencies function alongside businesses that extend a line of credit. Whether they function by taking a cut of any debts they’re able to collect or they buy debt outright for a fraction of their initial costs, they only make money when they collect on debts. If you’re looking for a way for your collection agency to make more money, you may want to consider Tracers.
With Tracers, you can gain access to over 43 billion records, which Tracers has collected from over 6,000 sources. The company’s unique method of cross-referencing means that you can gain access to a full profile on nearly any adult in the United States, including that person’s background and any other financial trouble they’ve been in. This gives you a leg up in collecting on debts to further your business.