Asset Tracing in Today’s Economy
In today’s economy, more and more people are in neck deep in debt. This not only affects the debtors, but also the creditors or lenders. In fact, some businesses and companies have been struggling and going out of business due to this debilitating and troubling issue. Fortunately, the use of skip tracing tactics have now become widely accepted to help businesses track their debtors and consumers who are currently on the run or hiding from them.
Skip tracing is a term used to refer to the process of finding an individual’s whereabouts for a variety of reasons. Someone who performs this particular responsibility is called a skip tracer, which can be considered as his/her main occupation. Aside from debt collection agencies, several other professions make use of skip tracing techniques to locate a person who is missing, whether due to bad debts, mental disability an abusive home and so on. These occupations include bounty hunters, private investigators, police detectives, lawyers, journalists and by any regular individual who is attempting to find a subject whose contact data is not yet known or recorded.
Locating a person with the use of skip tracing tools is done by gathering as much data as possible that concerns the subject. The data is then scrutinized, reduced and verified. The records that skip tracers utilize may comprise a number servers, credit reports that include data registered on loan or credit card applications, job application, criminal background assessments, utility bills, social security data and public tax data. All of these sources are closely analyzed for any data that is pertinent to the case. In earlier times, the process of skip tracing was simplified into a few steps or procedures before the skip tracer can either successfully locate the person or determine if it is indeed impossible to do so. However, with the advent of technology, particularly the internet, skip tracing tactics have become highly complex. There are multiple avenues and sources that can be assessed with the use of computers and the internet.
Aside from skip tracing, there is also a process known as asset tracing whereby instead of locating people due to bad debts or other possible reasons, the tracer locates missing assets or properties. This works well for businesses and companies who may have a loss of revenue by means of identity theft and other viable causes. Hiring a collection agency with great skip tracing abilities is more than essential to maximize the chance of recovering your long lost funds.
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