Most debt collectors use skip tracing in their daily operations. Saturday & Sunday: Closed. These cases require a lot of research and, depending on the case, a moderate amount of legwork. Occasionally, a consumer, feeling they are out of options and entirely unable to complete payment on their account will stop responding to communications from a collection agency. Call for multiple user discount prices. Sitemap. Skip tracing is an important part of debt collection. Over 244 million people in the US have registered email addresses. Collectors would have a rolodex of contacts at most of the major creditors. Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Pocket (Opens in new window), Click to share on LinkedIn (Opens in new window). All rights reserved. Designed to help debt collection professionals in all aspects of their work, MicroBilt’s suite of recovery and skip tracing tools provide quick, convenient, and current data that help you prioritize and … Finding Assets for Real Estate Batch Skip Tracing and Debt Collection Real estate investing or debt collection is another time when you might need skip tracing. Working with these consumers proactively to build a plan that they can afford prevents the need for reactive measures down the line. We get the job done. Looking to locate debtors and recover your lost receivables? However, the sharing of contact information is now illegal between creditors and debt collectors once the Gramm Leach Bliley act (GLB Act or GLBA), also known as the Financial Modernization Act of 1999 was enabled. Debt collection skip tracing often entails working in a circular fashion. Skip trace offers the ability to locate the responsible party in order to initiate the collection process and resolve delinquency issues. Skip tracing tools for commercial use have become a necessity after the Gramm Leach Bliley act was passed in 1999. Without accurate contact information, a past due account is not able to be collected on. We are sometimes able to provide additional information to our clients on the missing debtor. Skip tracers are dedicated to gathering as much information about a consumer as possible in order to clarify their most accurate and up-to-date information. Another important step in reducing the need for skip tracing all together is to gather consumer email addresses as another point of contact. The term comes from the phrase “to skip town,” and can make it seem like these consumers are intentionally abandoning creditors’ attempts to reach them. The skip tracing tools we implement are effective in helping us locate debtors for our clients every day. Major names in the finance world like TransUnion and Experian offer powerful, data-driven, digital skip-tracing tools that help update contact lists live. Monday—Friday: 8:00AM–5:00PM Fostering consumer relationships with customers that are past due on their account may seem counterintuitive to some businesses, but creating a positive customer experience should be at the forefront of any collections strategy.
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