The Hidden Value of A Deceased Estate – Free Report

While probate has been in effect for hundreds of years and the value of probate claims has long been recognized, effective processes to locate and file claims against probate estates simply did not exist. Until now. Research has identified a promising new technology that offers a solution to the probate challenge – and it’s available now. This paper illustrates the exposure a creditor faces by using traditional collection tactics on deceased debt, and explores the new ways probate — and this emerging solution — can have a desirable impact on a creditor’s portfolio and brand.

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• Several dramatic demographic changes already taking place in the United States that impact the collection industry.
• Live debtor collection tactics present a serious risk to deceased account recovery strategy.
• How probate offers benefits to deceased recovery strategy.
• How new technology cuts through the complexities of the probate process and unlocks the maximum amount of decedent debt portfolios.

The deceased collections market is evolving fast. Over the next 40 years, the population of adults over 65 will grow 150% to 66 million and the population over 85 will grow nearly fourfold to 21 million; by 2050, one in five people will be over 65, up from about one in eight today. With people over the age of 65 currently accounting for nearly three-quarters of all deaths in a given year, it’s no surprise that death rates will also increase in time. This “graying of America” has already made a substantial impact on the credit industry. In fact, since 1996, credit card balances for older Americans rose 89%, versus 53% for all age groups.

Traditional approaches, disappointing results.

While probate frequently sits idly on the sidelines, voluntary recovery tactics dominate deceased collection strategies despite their notorious and often controversial reputation:

• A recent ABC News investigation found that in overall collections “many unscrupulous collectors routinely ignore the law.”
• An article at MSNmoney.com titled “Sleazy New Debt Collector Tactics” cites commonplace activities such as harassment, lies, and threats.
• A report from The Washington Post notes, “Year in, year out, the Federal Trade Commission receives more complaints about debt collectors than any other industry.”

Even as most collectors today — in deceased collections and otherwise — readily comply with the Fair Debt Collection Practices Act and other consumer protection measures, a few bad apples can definitely spoil the bunch. In deceased collections, however, the stakes are even higher.

Download the report and get the list of risks that are specific to deceased accounts – and how your firm can avoid them.

Michael Klozotsky
Managing Editor, insideARM.com

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