Debt Collector’s Guide To Batch Skip Tracing
There has never been a more profitable time to be a debt collector.
In 2010, businesses across the nation placed $150 billion dollars of debt into the hands of debt collection agencies.
While the American people grow in their indebtedness, the tools available to collection agencies are expanding at a rapid rate. Locating people and their contact details has become increasingly easy as this information is made readily available online.
Simply put, it’s harder for people to hide from the ambitious eye of the modern debt collector.
One of the strongest assets debt collectors have in their tool belt is a batch skip trace. It locates debtors and their most current contact information in a high volume, all at once.
How can the modern debt collector make use of this information?
1. Determine what you have for a starting point
Maybe your agency purchased the debt for pennies on the dollar and have a massive partial list of debtors – but only addresses. Or maybe your client has limited information from a customer who made an online order. In either case, you will need to take stock of what you have for contact information already.
Most database providers are able to quickly fill in the gaps when it comes to your partial list, but you will need to know if there is a pattern already in place, for example, “I have all names, dates of birth, but no phone number or address”.
2. Know what format you need for a completed list
Every agency is different. If you are tasked with choosing a batch skip trace provider, then you need to be familiar with the operations of your outfit. Do debt collectors use proprietary software to track their progress with each debtor? If so, then you may want to hook into an online databases API, to deliver the records in real time.
Do agents simply use a spreadsheet for their daily work? Then make sure you order your results in a CSV or Excel workbook format.
Batch skip tracing allows you to achieve economies of scale, but if you are using the wrong list format, it can negatively impact your business operation and frustrate your co-workers!
3. Supplement your batch with free tools
No database is 100% perfect, and even when you have complete contact information for a debtor, it might not be enough. Use the myriad of free tools available on the internet to supplement the data you order from a batch skip trace provider like Foresight.