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Because of our position in the collection industry, our clients often contact us inquiring about available skip tracing solutions. To assist those who are searching for skip tracing, we polled four leading skip tracing vendors (Asset Source International (ASI), DirectoryNET, Teletrack and VeriFacts) and posed the following questions:
1) What should a company consider when searching for skip tracing solutions?
Asset Source International: Probably the single most important consideration that needs to be made is whether the service provides raw data or verified results. Although both types of services operate under the catch-all name of “skip tracing”, database providers may return several different results among which may or may not be the actual contact information for a subject. Click here to read more.
DirectoryNET: Successful collections can’t take place without first finding the missing debtors. Therefore accurate, current contact data should always be the number one concern. After all, if the debtor is found using your first-level search solution, there’s no need to escalate to costlier second- or third-level solutions. As such, your evaluation of providers should include questions about the solution’s data capabilities: Click here to read more.
Teletrack: One essential key to collecting from the debtor is having location information that is accurate so that the collectors' time is effectively utilized. Teletrack, the nations only sub-prime credit bureau, maintains a database of high-risk consumer information provided by businesses who do not report to traditional credit bureaus including payday loan and rent-to-own stores. Click here to read more.
VeriFacts: Is the skip trace company going to provide information that will support your collection needs. Do they have a license, carry proper insurance, and can they provide solid references. In addition, make sure you understand what they will provide and if the information provided is verified to be accurate.
2) What type of skip tracing solutions does your company offer?
Asset Source International: Asset Source International is a full-service skip tracing company. We provide 100% verified information and guarantee our work. Skip tracing is offered as a no hit-no fee service and our typical turnaround is 24 hours. At the client’s request, we will continue to work a file until a confirmation occurs or keep a file open for a designated period of time. Our goal is a simple one: make sure that our clients are satisfied by providing accurate, timely, and responsive results every time.
DirectoryNET: DirectoryNET helps collectors find their debtors! Our search solutions are all based on the most accurate and current contact data available, and provide a number of access options based upon the customer’s preference. We offer voice, electronic, batch, XML, mainframe, SSN and much more, all enhanced with our proprietary search logic for proven results.
Teletrack, Inc.: Teletrack offers a batch based skip-tracing service. Upon submitting the initial skip file, hits are returned as soon as the next day. On-going information is supplied as these skips continue to shop within Teletrack's network of merchants. Services are offered on a 100% contingency basis.
VeriFacts, Inc.: All residential information, which includes the telephone numbers and addresses of the consumer. The place of employment, name, telephone number and address of the employer; asset information such as real estate verification, and information on bankruptcy filings, deceased notification and reported incarceration. Social searches are also available for those clients needing this service. Our services will verify and guarantee the accuracy of all of this information.
3) How long has your company been providing skip tracing solutions?
Asset Source International: ASI has been in existence since 1995.
DirectoryNET: DirectoryNET was founded in 1990 as one of the charter companies in the electronic directory assistance industry.
Teletrack, Inc.: Teletrack, Inc. has been in business since 1989 providing risk assessment and decisioning services to lenders who specialize in doing business with sub-prime consumers. In 1997, Teletrack expanded the scope of our offering and began to leverage our data in order to provide skip-tracing services to debt buyers, collection departments, law firms and original creditors.
VeriFacts, Inc.: 20 Years
4) Where do you see the future is headed for skip tracers?
Asset Source International: Skip tracing is becoming both simpler and more complex as we continue to move forward with technology. There are more data sources available today than ever before, which makes it easy to get raw data; however, subjects are also more transient than ever before. Click here to read more.
DirectoryNET: First, we believe that consumer privacy concerns will continue to factor heavily into collection operations. It will become even more critical to be sure that your provider of choice incorporates the highest standards of security, compliance and professional integrity in its solutions. Managing these concerns requires a substantial investment, which will probably force some of the smaller collection entities out of business. Click here to read more.
Teletrack: Increased competition within the industry will force skip-tracers to seek out unique sources of information. With so many data providers, it is important for skip-tracers to identify the most accurate, current information on skips in their portfolio. Teletrack provides companies with a critical advantage including real-time data from sub-prime merchants. Click here to read more.
VeriFacts: Professional representation of a client is a must! No tactics should ever be engaged that are deceptive. The skip trace companies that do not comply with FDCPA will disappear, which is a good thing for this industry. All processes need to comply with GLB, FDCPA, FTC and FCC regulations. Click here to read more.
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Upcoming Events
Credit and Collection News Conference
April 5-8, 2006
1st Annual Credit and Collection News Conference
Palm Desert, CA
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April 27, 2006 - April 30, 2006
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2006 Spring Collection Conference
May 18-20, 2006
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Miami Beach FL
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