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Database management for debt collection agencies

Dec 05, 2012 Philip Burgess

Database management for debt collection agencies
The massive and sometimes conflicting data that asset recovery firms have to sort through when it comes to establishing reliable contact lists can be overwhelming. Collectors need to establish accurate and efficient methods of paring down information in order to best communicate with or track down customers. Consumer credit reports have limitations in that the data provided records only past behaviors and contact information. To fill in any gaps, agents must consult a multiplicity of other sources. Organization is key to compiling accurate contact databases.
 Email lists and phone numbers
Email and phone contacts are crucial to asset recovery firms in order to ensure contact with delinquent account holders. Email lists can be maintained by immediately deleting all addresses that bounce back. Social media may be a good tool for finding alternate emails, but collectors should not contact account holders through social media about any private information or billing data. Phone numbers can be managed by a system of marking in the database. Some companies might choose to use a slash or an "X" to mark contact numbers that are no longer in service. For cell phones, there may be applicable laws related to the Federal Do Not Call List. A reliable master database (as is offered by skip tracing software) may be a useful tool for collectors. Skip tracing
Skip tracing is a method for individuals to track down those who have "skipped" town. Skip tracing can come from a variety of sources, usually outside of usual methods. Alternative credit data such as may be received from short term lenders may offer leads on to the whereabouts of individuals. Software has made it easier for companies and citizens who need to track down delinquent account holders or missing loved ones. A variety of skip tracing software exists, some of which offer access to more than a million cell phone contacts as well as access to a variety of legal, bank data and alternative credit reports. Having a multiplicity of tools in one program can simplify the work of collectors and simultaneously help tidy up contact lists. Organizing customer data in a way that is consistent, reliable and clear is important to efficient collecting methods. Individuals may be hard to trace, but new technologies help to provide a wider net of potential contact data. Agencies that can rely on the acquired data are likely to have greater success in recovering delinquent and defaulted assets.