Aug 16, 2011 Mike Garretson
Debt collection is a vital part of the American economy, and the more than 140,000 jobs in the industry (according to the Bureau of Labor Statistics) ensure that it is a major player in the U.S. job force. But even with the revenue created every year from debt collection, some agencies are mishandling their debtor information. According to Credit Union Times, some information technology and debt collection departments are failing to coordinate at an efficient pace. While skip tracers are scampering to make phone calls and gather information from debtors, they often don't find the time to transfer their data to the IT department. Much of the discourse may be caused by incorrect information provided by skip tracers, such as the unconfirmed address of a debtor. When a skip tracer reports data to IT, it's not always certain if the address, phone number or email is actually the debtor's. If a client owes a debt on a certain date, but the agency has incorrect contact information on them, it is hard to track or even penalize that individual. A debt collection agency can work with IT effectively by concentrating on three facets, the Credit Union Times explains: improved skip tracing data compilation, reducing the time a debtor has to pay up and tracking financial opportunities.