Skip Tracing Collections

Building a skip tracing and collections service

Establishing a successful business skip trace services department for your collection agency can take your business to the next level. Skip tracing and collections are essentially like two sides of the same coin, working creating a team effort.

Skip tracing is a bit different from collections, requiring a different approach, skills and resources to create a successful department. When developing a skip tracing service, you can customize it to meet the specific needs of your company by following a few guidelines:

1. Create a separate business skip trace department from the skip tracing collections department.

2. Build up skip tracing services by hiring experienced skip tracers.

3. Develop skip tracing tools and resources.

 

Create a separate service for the skip tracing collections

Your skip tracing service should be separate from the collections department. It should be a quiet environment that allows them to think and strategize without a lot of background noise. Still, they should be close enough to the collections department in case they need to contact one another to compare notes from their skip tracing databases about accounts. Create 3 levels of skip tracing services. Each level will have different levels of skills and resources. Each level will vary in intensity.
Try: Skip tracers rely on a database to provide the information the need about their accounts. However Gotcha, an Internet-based program is just as effective without downloading expensive software programs.

Build your skip tracing department by recruiting from within

Look at your current employees when hiring skip tracers. Consider collectors who seem to ask lots of questions when dealing with their accounts. Skip tracers need to be naturally inquisitive. Consider hiring experienced skip tracers with at least two years of experience and offering them a percentage of the debts they collect if you are just starting out.
Try: JudgementProcessing.com is a great source for judgement recovery information and additional skip tracing and collections training.

Locate accounts

It may go without saying, but you should always be on the lookout for new skip trace leads for your skip tracing business.
Try: Establish a website and a marketing plan to let other businesses know about the services you offer. Direct Response Group can help you promote your website so that your business is easily located bby clients searching online.

Develop skip tracing and collections resources

There are lots of free resources available at your fingertips! For instance, subscription websites and debt recovery forums where you can make important contacts, network and stay in the loop about important information pertaining to your industry. Resources like these can provide a wealth of the very latest skip trace information as well as collection advisory sites.
Try: Skip tracers can turn to skip tracing tools like Best People Search and Hi Tek's Investigative Resources to help them create skip tracing databases and locate people who need to pay their debts.

 

• Be sure that you are fully aware of your state's regulations for starting a licensed skip tracing business.

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