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Debt collectors can use numerous strategies to track down money

Sep 25, 2011 Mike Garretson

Many businesses have been able to find success by buying up debts for pennies on the dollar in the hopes of tracking down at least part of the money owed. However, when it comes to effectively going after the late payments there are a number of different strategies people can use that leverage the latest forms of technology. In a recent article for InsideARM, industry insider Rozanne M. Andersen, writes that finding out information through social media platforms such as Facebook and Twitter can give a third-party debt collector an edge. "Many third party debt collectors are actively using several of these forms of social media to locate consumers, communicate with consumers, exchange information with consumers and accept payment from consumers," Andersen writes. "Knowing when to use social media ... will increase the value of social media within your organization." Another way that many debt collection agencies pursue debtors is through letters. If a company sends out a letter laying out the money owed and a possible settlement agreement, it could have success in getting paid.