Whenever money is involved, collections and recovery are also typically involved. Collections and recovery might be an important part of a company’s lifecycle when that company extends credit, offers certain types of financial benefits, or otherwise provides financial services. Especially if financial services is your main area of business, it’s important that you manage collections as efficiently as possible. With the Tracers tools you have available, you can make collections and recovery easier on your organization.
Keep Collections In-House Whenever Possible
Some companies, in an attempt to mitigate their costs, contract out to a third-party collection agency. If you don’t have the right tools, it’s true that this can make it more likely that someone eventually collects on the debt, but this definitely isn’t the most cost-effective option. The most cost-effective option is to craft a first-party collection department.
With first-party collections, you’re collecting on the debt your company owns. The biggest tool third-party collection agencies often have that you probably don’t is a public records search engine like Tracers, and when you use Tracers, you’re likely to be able to collect just like a third-party group.
Gather the Data You Need
What type of data is important for collections? The good news is that there are lots of pieces of data that can help you with collections. It’s just important that you gather all the types of data that will make a difference, like these:
- Current names
- Past names
- Mobile and landline phone numbers
- Current address records
- Past address records
- Place of employment records
- Deceased records
- Bankruptcy records
- Tax liens and judgments
With Tracers, all of these can be options for your needs. When you’re skip tracing, you need to make sure you have as much information as possible., even information that seems “useless.” Get the full picture by using the public records search engine at Tracers.
Reduce Errors and Omissions
Errors and omissions happen whenever humans get involved. If you’re having someone manually go through collections data, it’s likely that the individual in question will end up with errors at some point during the collections lifecycle, which can be frustrating for all parties involved.
The answer is to try and use automated processes whenever possible. Individuals can’t accidentally mistype a name if the system automatically transfers a name from one field to another. People can’t accidentally mix up two similar-sounding names if the system looks only for the one you’ve input. With Tracers’s tools, you can reduce your incidence of errors and omissions.
Uncover Data in Whatever Way Your Company Will Best Use
While you’re trying to determine what type of data is the best for your company, it’s important to also think about what method of data gathering will work best for your company. This individuality is exactly why Tracers offers three methods of gathering data:
Companies that have different needs will also need different tools, and that’s where Tracers shines. If you have a very large company, you may want to consider batch processing; small companies might consider individual searches. Match your solutions to your problems to make it as easy as possible to handle.
Locate Even the Hardest-To-Find Individuals
Although sometimes collections just has to call the number that’s on file, collections can also be much more difficult than this. There are people who intentionally run away from their existing debts, and locating those people can be very difficult, especially for in-home collection groups.
In today’s modern age, it’s much more difficult to just “skip town.” Each person leaves a trail behind them, and it’s possible to follow that trail as long as you have the right tools. When you’re looking for someone that’s incredibly hard to find, all you have to do is make sure you have Tracers’s tools to guide you.
“One of the biggest differences between Tracers and [other providers] is the personally identifiable information that Tracers provides.”
What Industries Need Collections and Recovery Tools From Tracers?
Collections and recovery tools are an important part of many industries. If an industry handles any type of credit, it might benefit from collections and recovery tools, and that extends to a surprising number of different industries. If you’re part of any of these industries, you might want to consider Tracers’s collections and recovery tools:
- Law enforcement
- Background screening
- Health care
No matter how credit factors into your company, it’s important that you’re able to handle collections and recovery as easy as possible. Most companies want collections and recovery to be part of their in-house recovery team, and Tracers makes that dream a reality with its variety of tools and options.