Skip Trace Test Time
Last time we talked about the steps on how to skip trace an account. Let's expand on that a little more. Get something to take notes with-because there is going to be a test, go ahead I'll wait.
Now, let's get started.
This is how the test starts. You are given a stack of accounts to work. You have never seen them before. If you find them, you collect what is owed and you are the company hero, if not...
Question one. What is the best way to filter an account so it is worked effectively?
A) It was done by someone else before it got to me.
B) Not worry about it.
C) You filter again to ensure that you will not waste your time working an account that you shouldn't.
Consider this before answering.
You start working an account. You put a lot of time and effort into locating the person. You discover that due to bankruptcy, legal or other reason it should have not been worked at all. Your time was wasted. Even if someone else filtered all of your accounts for you, people make mistakes. Developing a quick filtering process for new accounts is easy. Look for clues by noticing company codes that may be listed in the account. Look for red flags. Was it previously in some type of hold account? Why? If someone has filed bankruptcy and it lapsed, chances are they WILL do it again.
Question two. What is the best way to profile an account?
A) That is not really important.
B) Separate into three different types of accounts - typos, unintentional and professionals.
Consider this before answering.
Usually, the more money they owe the harder they hide. Some of the separating was accomplished during the filtering process. The type will determine the strategy that you take to find them. Confirm your notes and file to ensure that the account is not a typo type. Contact employment, references and friends to ensure that it is not an unintentional type. If it is not a typo or unintentional type, then it must be a runner. Once you have determined the type of account you know how to proceed with your skip trace process.
Question three. Now that I can work the account what should I do?
A) Run the information that I have against an "info for sale" database and be done with it.
B) Create a quick and efficient skip trace process.
Consider this before answering.
Prevention is the key. Continuously update your customer's information. This reduces the risk of becoming a skip trace account in the first place. By having skip trace procedures in place, you reduce your risk. The best time to do it is before you need it. Walk through the life of an account. Start at the birth. How can you increase the amount of information, well before there becomes a need to skip trace it.
There are many companies that provide skip trace services. The going price (at the time of this writing) can run you between $30 and $400, depending on how much and what kind of information you are trying to get. Any skip trace company that you partner with should be able to provide the following: A contingency pay policy (if they do not find, you do not pay), provide references (I suggest that you check out 3-5 of them), sign a confidentiality Agreement and Universal Hold Harmless (this provides legal protection for your company). Make sure updates are scheduled to be convenient for you. Each found account should be verified by at least two different sources.
Create a worksheet or checklist that incorporates you skip trace process. This ensures that you cover everything. Nothing is left to chance. Should you have to stop working on an account you will know where you stopped and can continue. This will expedite the time spent on each account. Here is a partial list of resources. Use what is applicable to you: References, neighbors, tax assessor, landlord/Mortgage, fellow residents, directory assistance, federal prison, state prison, county lock up, secretary of state, world wide locator, other creditors, your company notes/file and the credit report (ONLY if you have proper permission).
Alright, are you ready for the answers? If you incorporate this information properly you will pass and find the answers in your increased bottom line. Continuously ask yourself these questions until you find the right mix.
As always, Happy hunting.
Ron Cooper
ACCURATE INTELL
http://www.accurateintell.com
PO Box 30485
Greenville, NC 27833
(252)375-0262
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