There is not a day that goes by that we are not contacted by someone asking how to improve collections. This is an auto finance company, collection agency, credit card company, and a collection law firm. It seems that no one has the answers.
No it is not file more lawsuits. In fact we have developed a method to keep the court costs to a minimum.
The bottom line is to reach more debtors and treat them with dignaty and respect in the economic hard times.
How do we reach more debtors? Increase your skiptrace efforts. Set up a designated skip team and give them the proper training.
They will learn how to interpret the information from the electronic databases. This is not as easy as it looks as one must take the time to analyze. Many times the answer resides on the credit report itself, but one must know how to read it.
Think about the following formula:
Improved skiptracing = more locates = more contacts = more revenue.
I have heard from collection managers that skiptracers are not “income producing.” That statement is the furthest from the truth. Without great skiptracers developing the contacts for the collectors to call then no one makes money.
This is how to improve the bottom line.
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