Sometimes, recovering money from debtors and borrowers becomes a complicated process. While your company may have taken enough steps to ensure safe lending, there are debtors, who simply are evasive and don’t want to repay the loan. Things get complicated when you cannot find the concerned debtor, using the information available or furnished to your company. This is where skip tracing comes in the picture.
In simple words, skip tracing is the process of finding the current whereabouts of an individual, such as current address, phone number and aliases, so that the process of recovery can be initiated. There are varied ways to approach skip tracing, but most companies prefer to rely on advanced tools. Your company can use skip tracing software to find borrowers, who are “missing”. In this post, we are sharing more on skip tracing and how using the right tools can make debt recovery efficient and effective.
“Do we really need to spend on skip tracing tools?”
That’s often the first question that many companies ask when it comes to collections and debt recovery. When you are dealing with hundreds of clients and customers and want to be prompt with the job, there is no point in wasting time in skip tracing through basic methods. Debt collectors, agencies and professionals want to get the job done as soon as possible, and this is regular work for them. For such needs, skip tracing tools are useful and time-saving.
Are skip tracing tools expensive?
That depends on the kind of skip tracing tool being used. Companies like MicroBilt have come up with their own set of tools for skip tracing, which are proprietary and rely on vast data resources and multiple sources to fetch information. Think of the amount of time and effort you would save on debt collection regularly? Most tools are paid for sure, and you may have to shell a tad more for custom solutions, but that money is worth paying for.
Will skip tracing tools work?
Absolutely. Considered among the best debt recovery solutions, skip tracing tools are designed to rely on sources and fetch information that’s not always accessible to people otherwise. For businesses, these tools are incredibly useful. From finding current address of a debtor to checking for possible fraud activities in the past, all details can be fetched and used to simplify recovery. In case recovery is not possible, further steps can be initiated. However, there is no denying that skip tracing tools do accelerate the process and make things simple. What needs attention is the kind of tool that is being used. MicroBilt, for instance, has designed products considering the diverse skip tracing requirements. You can check their website to find more details.
When it comes to debt recovery, make it simple with skip tracing tools designed for the purpose. Many companies are already relying on these products, and they have managed to find debtors, who have been on the run, or living in the shade for months and years.