I was having a conversation with a friend of mine. One of the best collection managers around, Todd from FDS in Wilmington NC. We were discussing what a collection manager needs to know about skip tracing that will benefit collectors. His response" skip tracing is important because you can't collect if you can't find them. However, collectors need to concentrate their time on collections not skip tracing".
Now that's a dilemma. So I started thinking, "How to streamline your skip trace process so that your collections process is not interrupted?"
After some serious head scratching and a couple of Dr. Peppers, the answer came. Below is a step by step process to quickly and efficiently work a skip trace account.
First, determine a set time to skip trace. I recommend non peak collection hours. Now, get out of collector mode. Mental attitudes of collectors and skip tracers are different. To skip trace is to play a game of chess, where the pieces are real people.
STEP ONE- FILTER THE ACCOUNT
Can you work the account in the first place? Determine that it is not in a legal status, under bankruptcy or assigned with any internal code that should not be worked. Filtering the account will save time and money. The most important filtering element is the value of the account. Search efforts should be in direct relation to the value of the account. In other words, the more they owe the more you should search.
STEP TWO- PROFILE THE ACCOUNT
Knowing what you are looking for makes it easier to find it. The same holds true when you are working your accounts. Determine the type of account being worked so that unnecessary steps are not taken that waste time and money.
First, check your notes on the account and in the file. Confirm the addresses and phone numbers were not transposed or digits omitted accidentally. (Typo account) If the person has moved and has honestly forgot to tell you. Chances are simple searches will produce results. Contact neighbors, employment or references from the notes/file and call ALL numbers, even if you think they are disconnected- you never know. (Unintentional account) If the contact can't offer any information then you may have a challenge. (Runner Account)
STEP THREE- TIER THE ACCOUNT
Keep in mind this rule of thumb. Usually, the more they owe the harder they hide. Setup your search procedures on the value of the account. When going to a higher tier encompass all search procedures from previous tiers.
Low Balance
Statistics show that a large majority of the residence of the United States move every four months. Find a trusted outsource company and once every four months batch these accounts out to them. Doing so more often will not be cost effective. Try to get discount prices. Develop a strong relationship with your outsource company, if they produce lower than national average (20%) use a different company.
Quick Find
Let's answer two questions quickly. Is the person deceased? Is the person incarcerated? Determine if they are deceased by going to www.ssdi.genealogy.rootsweb.com enter the name or the social security number. If they are reported as deceased information will show when and where. If no information appears there is no record. To determine if the person is incarcerated in a federal prison, go to www.bop.gov . For information about state prisons contact that state's department of corrections.
If no information was found, go to www.argali.com. You can search by name, address and phone number. Try www.netronline.com. Enter the state, county, address or name and you will get the owner of the property, tax value, map of the neighbor and all kinds of good stuff!
Full Search
Here is where you pull out all of the stops. I use a worksheet that I have developed over the years that has over 40 different helpful searches on it. Here are some of those searches: the credit report (ONLY if you have legal access), neighborhood stores, hunting/fishing license, workers compensation records, possible civic groups, leagues, trade associations, criminal record, civil record, electric company, satellite company to name a few.
Still not located? Consider placing the accounts to reputable companies (yes they are out there). Let them earn your business. Split accounts between them. Only use one that will sign a Confidentiality Agreement and a Hold Harmless, it never hurts to protect yourself.
And as always, happy hunting!
Ron Cooper |
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