How Does a Commercial Collection Agency Track Down Debtors?
As a business owner, having to collect debts is stressful enough, but what if you have outdated or inaccurate contact information on the debtor? It may seem like tracking down the debtor will be impossible, but a major benefit of hiring a Commercial Collection Agency is the agency’s ability to locate and reach individuals who owe money to your business. HF Holdings explains Skip-Tracing and the details behind a Commercial Collection Agency’s process for uncovering debtor contact information and location.
Especially in the case of a debtor who has fled the area in order to avoid debts, a Commercial Collection Agency utilizes Skip-Tracing to locate the individual. You may think that with today’s ability to search the internet for almost anything, it would be easy for a business owner to find accurate contact information on a debtor. However, even if some information comes up, that does not mean that it is still current.
A Commercial Collection Agency will begin by researching various assets and traces of the debtor, such as:
- Criminal background checks
- Credit reports
- Job applications
- Other public records
After moving on from public records, an agency with specific credentials can look into more protected information, such as paperwork containing the debtor’s social security number. It is beneficial to use a licensed Commercial Collection Agency for your search, because not all individuals can access more private information. It is crucial to have a licensed agency on your side that has all of the relevant resources available to them.
The hope is that looking into various records will reveal the debtor’s location. However, if the researching agency encounters obstacles, it will move onto reaching out to those who know the debtor personally, such as friends and family. The Commercial Collection Agency will also scour the internet for social media pages that could uncover any details about the debtor’s wareabouts.
With the right tactics, the Commercial Collection Agency will hopefully locate the debtor and be able to serve a notice of and collect unpaid debts. Having a trusted and credible agency conduct debt retrieval for your business not only adds a high-quality and experienced search, but also a sense of relief. Skip-Tracing has proved successful in various fields, and it is helpful to have an agency in charge of the process that knows what they’re doing.