News & Resources

Skip tracing software may simplify debt collection

Dec 06, 2012 Philip Burgess

Skip tracing software may simplify debt collection
Asset recovery firms may require a variety of methods to track down delinquent account holders who have lapsed contact information, but new software puts access to multiple databases into users' hands. Online background investigation and identity verification websites offer some hot leads for collectors, but may not contain the most current information. Skip tracing software may promise a more comprehensive approach to data not easily attained through other means.
 The newest skip tracing software options offer access to debt collection data, addresses and cell phone numbers for millions of consumers. The databases include data such as driver’s license information, voter registration, various public records and access to alternative credit data such as records for short term loans. Software might reduce costs, as it makes paid access to other sources redundant. Compliance measures could also be more easily monitored, as verified data decreases the need for more unconventional methods of tracing. Asset recovery relies on the accuracy of information, and with the growing amount of data available due to digital technologies, conflicting information may exist. The ability to correlate findings across several databases is crucial to data reliability. If better information verification methods are in place, collections can be streamlined.