There are two sides to every story. It’s one of those old clichés you hear time and time again. When I think about the collections process, this is the first thing that comes to mind. You have the consumer or debtor who enters into an agreement to pay for something and at some point, makes the decision not to pay.
It could be a credit card bill or a car payment –or maybe they even forget to pay a library book fine (this actually happened to someone I know!). On the other side, you have the debt collector, who has the task day in and day out, of collecting on the debt the debtor has agreed to pay.
This can be stressful, daunting and even unpleasant for both parties. The debt collector is concerned with finding the right party and working out a way to get the debt paid and they use a number of tools to help them do this, including skip tracing products. They definitely don’t want to spend time going down the wrong path wasting valuable time and resources.
With Experian’s introduction of TrueTrace today, collectors now have a new industry-leading product that can improve the collections process. TrueTrace provides a very comprehensive and unique combination of data sources that can include everything from payday lending information to rental information through Experian’s RentBureau database. With increasing margin pressures in this industry, a product like TrueTrace offers the most up-to-date, comprehensive and accurate contact data to streamline their skip-tracing efforts.
This process is part of the business, part of an agreement, but what strikes me as a pleasant surprise is the turn of events where many debt collectors are spending more time understanding consumer credit to better their understanding of the consumer. In turn, they can make themselves more effective and create a more positive experience for the consumer as well. This increase in knowledge can help the collector make better determinations about the consumer’s ability to pay and allow for a more meaningful conversation with the debtor.
With the debt recovery industry focused so heavily on results, TrueTrace will surely play an important role, but combining this with education and professional development can really make for a winning combination for everyone. For more information about TrueTrace, you can read the news release here.
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