With rapidly-shifting technology, regulations, and demographics, the collections industry is facing a wide range of challenges. In today’s highly-mobile society, debtors are more difficult to locate than ever before. Although there is a surplus of information available on individual debtors, it can be nearly impossible to effectively sort through it all.
Thomson Reuters recently surveyed its collections clients to discover the most pressing debt collection challenges currently confronting them. The top four reflect their mutual frustrations with finding good, reliable information on debtors.
From lacking current contact information of debtors to identifying the correct debtor, you can’t afford to have bad data. Identifying the challenges facing organizations involved in skip tracing is an important first step to improving the data collection process. Just as important, however, is finding the right solutions, and Thomson Reuters CLEAR for Skip Tracing was designed to address each of those challenges and help collections professionals increase their efficiency and accuracy.