Skip tracing, this is one of the most common terms tossed around in the world of debt recovery and pre-litigation for debts. When you are hiring a third party agency for recovering your debts from a reluctant debtor, one of the most likely situations can be that the debtor has left the city or the state without any prior notice to you. You or your agency might find out a bog lock at the door of their office or even home. And this certainly not something that can be helpful when they owe you money.
In a situation like this, you will need the money but you won’t know how you can locate the debtor and finally get the money back from them. In such a situation, a collection agency can come to your rescue with their advanced technology and techniques to skip tracing that will help them locate the debtor and initiate the recovery process from them.
What is Skip Tracing?
Skip tracing is the combined process that involves technology, tools, and resources. When a debtor is reluctant to pay back the money and can go to the extent of changing location in order to dodge the creditor and their all attempts to get in touch with them and recover the money, skip tracing comes handy. It accesses the public data, information as well as many other tools and ultimately tracks down the debtor even when they are in a completely different country.
Skip tracing has been an integral part of debt recovery for a long time. With years and more modern technology, skip tracing is becoming more and more accurate while the database for information that can help in the job is increasing. There are many modern tools are coming to the market that can effectively improvise the process of skip tracing and offer you the accurate location of the debtor.
Why Skip Tracing Needs Professional Agency and Not Your In-House Staff?
Now, the question that might come in your mind is how you can access the database and use the technology for recovering your debts. Having an in-house team for recovering debts can be an anyway expensive affair for any business. Unless you are a big brand with thousands of dollars for investment, maintaining a team of debt recovery can be quite difficult. And when it comes to technology like skip tracing, it can be quite costly to maintain the database of a humongous amount of public data. And while accessing the data, it will need an expert to do the job. The in-house team for debt collectors might lack proficiency. But if you are partnering with a reputed commercial collection agency, rest assured, as they will offer you the best results with skip tracing. Being experienced and expert in handling the technology, they will be able to access the database while also using the tools that are necessary for the process.
In this respect, as the public records will be accessed, it is necessary to maintain the regulatory standard so that the job doesn’t pose a threat to any individual or a threat of data breach to any company.. And an agency can ensure this part quite well.
Which Industries Can Get Benefitted from Skip Tracing Technology?
- Product-based companies that get a huge amount of EMIs can get benefitted. For example, if a buyer stops paying the EMIs after buying a car and changes his or her location, the company with skip tracing can locate the debtor.
- Service providers that offer service worth thousands of dollars in credit can be benefitted from skip tracing as the customer will be located accurately and the agency will start the recovery process.
- This technology can be helpful for financial industries too. People who owe a huge amount to banks can be traced accurately.
So, now as you know how skip tracing can help you, what are you waiting for? Partner with one of the best debt collection agencies in your city and get the case sorted.