Leveraging Skip Tracing as a robust and impactful tool in Collections industry to attain 40% to 50% conversion ratio on long delinquent traced customers
Skip tracing is a tool that enables us to identify the customers who have either turned out to be not contactable or become skipped from the available address and contact numbers.
Challenges
SKIP TRACING TECHNIQUES
- In-house/On System
- A Specialised agent works on the Not Contactable data to find out customer’s whereabouts via various tools
- Field/On site
- A FOS agent visits the customer’s address to identify if he is actually skipped/not.
- If customer is not skipped, then FOS captures & updates their new contact number
- If customer is skipped, then FOS uses various tools to trace customer
Solution
TOOLS/METHODS
- In house Skip Tracing
- Social Channels (LinkedIn, Facebook, Instagram, etc.) To get customer’s email ID, contact details & city
- Job Portals (naukri.com, Monster, Indeed, LinkedIn, etc.) Most effective tool to trace working class customers with over 40% success rate
- Web Crawlers These specialised tools search for customer details across the internet & share the output. On an average this channel has 5-10% success rate
- Ways to trace customer on Field
- Gathering Information from customer’s circle (neighbours/ society office), from resources (gas agency, ISP, Cable service provider, etc.) in case of change in delivery location/ transfer of connection, documents (credit card, mobile bill from letter box), and work location (if still working can meet at office & in case of transfer/relocation/job change info can be gathered from colleagues )
Results
- Skip Tracing is a very strong & most impactful tool in the collections industry
- The conversion ratio on the long delinquent traced customers is approx. 40%-50% as compared to the normal contactable long delinquent customers of 5%-10%