Our Consumer Collections department deals with over-extended credit matters including personal loans, credit cards, lines of credit, rentals, leases, and utilities. Due to the constricted credit market currently experienced by most consumers, collection efforts employed on these types of portfolios frequently extends up to the statute of limitations and beyond before the full return is realized. In addition to traditional collection methods, this unit utilizes the latest tools for skip tracing and public records access to determine the collectability of each account. Our skip tracing team conducts both pre and post-litigation asset searches to obtain updated consumer contact information and asset location. Our Consumer Collections department is staffed by veteran receivables professionals with experience in all aspects of collections, from skip tracing to post judgment execution.
Consumer Collections Case Study
A debt buyer purchased a large consumer loan and auto deficiency portfolio with the intention to liquidate through standard professional collection services and litigation. The portfolio consisted of high balance accounts and a high percentage of skip accounts. Initial collection work generated a modest amount of revenue; however, it was clear that the portfolio required a significant amount of work locating the consumers and potential assets. Several skip trace associates were assigned to the portfolio and multiple batch law enforcement-grade skip trace assets were employed. Accounts were classified in order to discern the good accounts from the bad accounts. The good accounts were contacted in an effort to bring resolution. If there was no resolution, litigation was initiated to assist in the resolution process. Bad accounts were monitored and periodically followed up on to identify contacts or assets.