How can a tracing agency help you with debt collection?
Posted on 25th February 2022 at 14:13
A tracing agency is involved in tracing a person who failed to answer or reply to repeated calls emails and has gone missing after leaving behind unpaid debts. These agencies have an expert team of tracing agents equipped with the latest and most influential technology to help them locate an individual who needs to be contacted but no longer resides at their last known address.
To find a person, it would require detailed information about them, such as their name, Date of birth, last known address, past and current employment details and any other relevant information. The agency then utilises this information along with various other means to find out the person's address. They begin to collect more information about the person using public resources like Credit Reports, Public Records databases, Loan applications, Criminal Background Checks, Job applications, Courthouse Records, Utility Bills etc.
Tracing agencies, such as CCS Nationwide, have access to an extensive database, including government records and credit bureau files. If none of these resources provides any helpful information, they begin to contact current and past acquaintances of that person. These people include neighbours, landlords, friends, relatives and co-workers to get a clue of their present address or whereabouts. Even if the debtors are highly evasive or lack information, tracing agents are skilled and have the art of tracing and locating them. Locating a debtor means that you have a chance to recover debts that are owed to you, though finding a person does not automatically mean you will recover the entire debt; it does mean that you may get something back.
Some trace agencies also have specialised debt collectors who can assist in collecting debts within the statute of limitations. CCS Nationwide is partners with the debt collection agency, Creditreform UK. They use multiple strategies such as calling the debtor's personal and office phone and even visiting his residence now and then to get the debtor to pay their balance. They also negotiate settlements with the consumers for less than the amount owed. They may also refer cases to lawyers who file lawsuits against customers who have refused to pay the collection agent. Some debt collectors, purchase debt at a fraction of its face value and then attempt to recover the total amount of the debt. Utilising the services of the tracing agency and debt collector turns out to be cheap for companies than chasing the client themselves to recover unpaid debts.
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