Last Fall, we published a series of tips aimed at helping readers reduce skip tracing expenses by reducing excess/unnecessary data, proactively minimizing wrong numbers and looking at the overall cost of your skip tracing efforts. We have compiled all of these tips into one convenient blog, so without further au due, here are 5 ways to spend less money on skip tracing data:
Adding a new data provider to your skip tracing process can come with some unknowns, but when goals and objectives are laid out clearly, both the vendor and the client are able to execute testing and implementation more effectively. At LocateSmarter, we want to make sure our prospective clients are set up for success, so we have outlined three of the most common batch skip tracing tests. Which test you decide to execute will depend on your collection software, internal resources and time.
For most collection agencies, a bulk of their collection efforts are focused on outbound dialing. However, when your dialing efforts are poorly distributed, your debt collection agency can miss out on potential revenue opportunities and end up wasting time and resources on phone numbers with little return. Below, we outline three steps you can take to evaluate (and enhance) your dialing strategies so you can maximize right party contacts (RPCs), improve performance and better allocate resources.
For many portfolios, having up-to-date place of employment information is vital during the collections process; however, with the average American changing jobs every four years, this becomes a challenge. Continue reading to see other fascinating workforce and place of employment trends:
Growing up in operations at a large collection agency in the high volume telecom world, it never ceased to amaze me how early we needed to start preparing for the tax season. Whether you have competitive portfolios or not, you’re always trying to outperform other agencies. If your competitors are doing it better, that can be a steep hill to climb all year on those scorecards. Here’s a few things you can do to prepare for tax season now:
Litigation runs high in the collection world. The many regulations and regulatory bodies to contend with creates a minefield for agencies: FDCPA, FCRA, TCPA, UDAAP, CFPB…
A lot of litigious action stems from consumer complaints regarding attempting to contact the wrong person. If an agency attempts to call a number 100 times and on the 101st attempt finds out it is not even the correct party, it can be setting itself up for an FDCPA claim. It would be much easier if the agency had the right contact information in the first place, but how can they reliably know it’s the correct information before they dial? If you’re collecting as a secondary tier agency, it might very well be that the agency who had the account before you knows exactly that.
But wouldn’t that mean data sharing with a competitor? Gasp!
You’ve heard the phrase, “Behind every great man is a great woman.” Well, a similar concept applies to our proprietary phone append product. (“Behind every great data product is great data sources.”)
The reason why LocateSmarter Phone Append is a great phone append product is because of our selective choice in data sources. Before adding a data source to our product, they undergo thorough testing and must meet our high expectations when it comes to quality, uniqueness, security, automation and price. Here are a few things taken into consideration:
While batch skip tracing can return a wealth of information, sometimes it can return too much data – resulting in wasted time and resources, risk of wrong numbers and more.
Flip through our SlideShare to see what makes LocateSmarter different and how we can help prevent digging through data with our quality-focused approach.
One of the most important metrics you can look at when evaluating your call disposition data is right party contacts (RPC). This is because RPCs have a direct correlation to dollars collected. However, if you look at right party contact rates from portfolio to portfolio, you will notice they are not the same across the board. While there are many things that can impact your RPC rate, here are 5 factors that might be affecting you.
In many portfolios, a consumer that is identified as bankrupt, deceased or litigious would not require additional skip tracing. Yet, without proper programming and products, you may still incur additional skip tracing expenses without realizing it. Continue Reading