Finding the debtor who has caused a lot of problems is the biggest nightmare for a creditor. This is because the missing debtor causes a lot of recovery-related issues. However, if the person or company is found, the recovery can become a lot more convenient. Finding the missing debtor may not necessarily be the easiest thing to do. Specific strategies can be formulated to find the missing debtor. These strategies may include skip tracing, using skip tracing tools, filing one’s phones, using other collection recovery tools, social search, or even address updates, etc. These are all different strategies and ones that cannot all be used at once. Therefore, you need to think long and hard before implementing any of these strategies.
Some of the important, as well as common strategies often used by the creditors, are listed and explained below in great detail.
Skip Tracing & Legal Obligations
When the creditor is searching for the missing debtor, he/she is looking to exploit an asset that can be considered as misplaced or hidden. However, it must be understood that the asset being utilized is a real human being who has every right to exercise their constitutional rights. So it is important to note that the skip tracing tools must be used in a constitutionally and ethically correct way. Hence, there should be a compromise concerning privacy as well as individuality. In simpler terms, the tracing tools must comply with the fair debt collection laws and regulations. Hence, you cannot afford to use deceiving or manipulative tools or practices to find the missing debtor because that is highly unethical.
Many skip tracing tools exist in the market today. All of them claim to their jobs. Most of these tools are useful, but not all of them are. The most popular tracing tool is TrueTrace. This tool uses a unique combination of information. This information comprises mainly of contact numbers and other related data. Address Search is another tool that is mainly used to trace the debtor’s address. FirstSweep is another widely used application that makes use of data …