A reputable collection agency has a number of tools, technology and tactics to collect unpaid debt. Skip tracing is one of them. This process involves finding someone who has “skipped,” or left town, without paying for goods or services rendered. Here’s what to understand about skip tracing, including its two biggest benefits.
Different consumers tend to fall into different categories. For those who fail to answer or return your company’s repeated attempts to contact them, skip tracing can be particularly effective. The U.S. Postal Service reports that close to 30% of “undeliverable-as-addressed” mail is from people who have moved without leaving a forwarding address. For your business, that means you’ve lost an avenue of communication with a customer or patient, meaning it’s harder to make them aware of money owed.
Skip tracing allows a collection agency to correct any inaccurate information, which might include an old or incorrect mailing address for a customer or patient or new/updated phone numbers.
Benefits of Skip Tracing
Skip tracing tools can help an agency contact a consumer to make them aware that money is owed. It’s an effective and compliant debt collection strategy.
• Time and efficacy: The more time that passes, the lower the likelihood that your business will see the money it’s owed. By using skip tracing to pinpoint a missing consumer, a reputable agency can work quickly to maximize your return.
• Compliant practice: A reputable agency is both compliant and professional. That means avoiding practices that may be effective but could be considered an invasion of privacy. Preserving customer or patient relationships is just as important as maximizing your return, and a good agency understands how to do both. Skip tracing can be an effective strategy that doesn’t compromise compliance.
Working with an experienced agency like Business and Professional Collection Services here in Nevada means benefiting from more than just its expertise. We’re committed to serving as your debt recovery partner, and we’ll put the full weight of our technologies, tools and staff into maximizing your return. Learn more about what we can offer your business — contact us today.