This website will search something called the deep web for your debtor or your debtors family memeber or your debtors friend, or whoever you have targeted to eventually get around to your debtor. Using it will greatly increase your chances of finding your debtors social media websites, as well as any other information about the debtor that may be floating around on the web. I find this tool especially usefull for people that own their own buisness they are using their name and advertising their buisness online through social media or classified sites like kajiji or craigslist. So I am going to go back to basics now. You get a new file and you have requested the credit beuro, you dont have any valid information on the debtor all you have is last know addresses last knows places of employment trade items (other debts listed by creditors) collection inquirys (other debts listed by collection agencys). Ok so I want you to go right to the bottom these are inquirys, every time a debtor trys to apply for credit it will be shown here aswell as every collection agency that pulls the debtors credit beuro will be listed here. So this is the order I would regularly do things, I would google the debtors name and city and see if anything comes up, sometimes thats all it takes it tells me that he owns this buisness and this is the number one and done, however chances are if it was this easy the creditors in house collections department would have found it. That being said the information you have learned so far is far more advanced then 99% of collectors. The vast majority of collectors will keep dialing the same dead numbers or numbers that no one answers and leaving messeges for eternity before they even try and find them another way. I am the opposite I want to know every single thing about this person before I get them on the phone. I dont want to call them, I want them calling me because alll of a sudden their parents/relatives are calling them because there scared that their son is going to be sued becuase a legal collecter left a messege on their voicemail for the debtor, at the same time their payrol department is calling him telling him that they received documents from a collection agency. I want this guy calling me, you always want to have the power, if the debtor is at all acting like he doesnt care then just say because of your lack of cooperation I have no choice but to escalate this matter to the next logical solution and hang up. Again Im getting really ahead of myself but the only way you are going to make 6 figures a year doing what your doing, making money from commision mortgage referals pention unlocks and have a paycheck higher then the people who went to school for 10 years is being confident. I cannot stress this enough. This does not mean that you should be a bully this does not mean you should threaten the consumer this means you should make sure that the conversation is always being had on your terms. To give you a bit of a backround I started in the industry and within 12 months I was making the most money in the company I worked for I was 20 years old making 6 figures collecting student loan accounts that ranged from 10000 to 100000.
The one thing you must never be in this industry is lazy, I didnt do that by hanging up on people and taking lots of smoke breaks, well i did do that but I got there by working my ass off. I would come into work at 7 am and leave work at 9 pm 6 days a week, and I would have stayed lated if the law allowed me to call after 9 pm. I made 500 calls a day, I worked every file on my desk 3 times a day, and also worked a couple hundred files on the pool desks every day. I will go into more detail as to what a pool desk is but the point is I didnt start off confident. It took me lots and lots of calls to get to the point where I could do what I am telling you here. The majority of the people I spoke to would swear at me and hang up or I would be leaving hundreds of messeges that nnever got answered. I started off collecting parking tickets hydro bills and alarm company accounts. These accounts where on average 10 to a few hundred and my target was 5000 a month. The making the most of every minute you have, During the day time I would trace my accounts trying to find numbers for the ones with no numbers addresses for the ones with no addresses and places of employment for the ones with no places of employment then as soon as prime time hit I was calling no stop, soon as one call ended the next one started, we didnt have fancy dialing programs it was dial each number by hand while typing in notes into the computer.
Use this time to gain your confidence cause really if you mess up and loose a lead on a $30 parking tickit who cares. But when you prove yourself and you get to the files that are 10's of thousands there is no second chances, you will only ever find at the most 5 percent of the people you are looking for and its what you do when you find those people that will decide how the rest of your life will go. Even if you end up leaving this job the skills you learn will help you succeed the rest of your life.
Ok so basics get new collection file, your going to reverse search the number and see who its listed to if its listed at all also take note if it says its a landline or a cell phone number
then reverse the address see what number comes up if your lucky the phone number will list to the debtors name and the address will list to the number and debtors name. Then do the same thing for all the addresses and phone numbers you have on file. Then with your line blocked try and call every number on file, again if your lucky the debtor will answer and you can demand payment. But chances are the numbers are not gonna be good and neither are the addresses. So the next thing your going to do is google the debtors name in the city that he was last known to live at. If you find out where he works boom youve got him. I will go into detail how to demand payment from a debtor and the methods you use to extract information from him. Now if you havn't found anything request a credit beuro and go onto the next file.
Once you have the credit beuro for the debtor you have everything you need to find this person, start by doing reverse searches on all the addresses on file you are going to note where each of them list to and the phone numbers the list to also search the last name in every city that the consumer has lived and note those numbers aswell. Call them again remember to use your blocked line and find out if the debtor lives there or if they know who he is, if they know who he is they can tell you where he is now, or the last place they knew he was, reverse the phone numbers and call them to. Now go to the bottom of the credit beuro this is the inquirys section look to see the last time a creditor that he doesnt have bad credit with pulled up his credit beuro, The date that they pulled his credit beuro is the date the newest address and the phone number is from. See when a person applys for credit all the information they provide goes to the credit beuro when they check to see if he can be approved. Also call all the places of employment on file and find out if he still works their if he doesnt how long ago he worked their. When calliing the place of employment dont call hr, call every extention but hr, and dont ask if he works their, ask if he is working today. Hi ron, is jim in today? if he says no, then say oh he works nights then? and the guy will tell you yes or no. Now you know if he works their and what time he will be in and what number to call him at. Remember don't leave any stone unturned if jim doesnt know call another extention call every number you can find and every extention you can find for each one of those employers listed on file. The guy did work their and even if he doesnt now he probably made some friends their and they will know where he is working now. Also trace work is good practice to get your confidence up, chances are if you get the debtor on the line once it will be your only chance to make him pay. If you mess that up hes going to go deeper into hiding, he probably thought since none of the other collectors where smart enough to find him that he was home free, now that youve found him hes gonna try and evade the debt again. Since this site is about trace skills we are going to pretend that none of those leads turned out. Go back to the credit beuro look at every city the debtor lived in, and start calling everyone with the same last name in each of those citys. When you call ask directly for the debtor, they are gonna say what he doesnt live here, your gonna say really john smith right? and they will say yeah im his brother he never lived here, now dont be stupid and tell them youve been calling random numbers, your gonna say really well he gave your address and phone number on a job application or you can say credit application I like job application better chances are his brother knows where he is and is gonna think hes doing his brother a favor by telling you his real number. If he resists say well why dont you just give me his address i'll send out a reply by mail but hes probably gonna be to late to get the job by the tume he gets it. If you cant get any more information out of him, dont burn the contact, tell him your gonna have to talk to your manager and she what she says and hang up before he can change his mind. Now hes gonna be mad at himself for loosing his brother a job, 5 minutes later get one of your colleges to call pretending to be your boss someone with an opposite voice, the brother is gonna be relived he gets a second chance to get his brother the job and most likly give her/him his brothers contact info. If the 2 of you still can't get any information out of him let it go, move the file a week ahead and get someone to call, something like this is the legal department calling for john smith I need to talk to him urgently before we move ahead with this matter, even if they cant get his phone number the messege left will be scary enough for him to get his brother on the phone and call you back. And when he does probably within a few minutes of you hanging up you get your shot to demand payment and get the information you need to collect the bill with or without his involvement.
Because It will take some time to read the whole page im going to go over how to demand payment, and how to get the information you need to get the bill paid voluntarily or by legal means. Ok so you got the debtor on the phone, the first and hardest part of the call is going to be getting the debtor to verify that he is the person that owes the money. In most cases you will need to verify by 2 points of reference and in some cases 3 or 4 depending on how demanding your client is. If you are collecting directly for the creditor and not as a collection agency you will not need to worry about this step you can confirm first and last name and go directly to the next step. However if you are working for a third party collection agency you will need to complete these steps. So the points of reference are as follows: NAME (FIRST & LAST MIDDLE IF POSSIBLE OR AVAILABLE) ADDRESS (THE ADDRESS FULL ADDRESS WITH POSTAL CODE) BIRTHDAY (MONTH DAY AND YEAR) SOCIAL (SIN NUMBER IN CANADA OR SOCIAL IN UNITED STATES) If your call happends to be one of the calls audited by the client or if the debtor complains not verifying is a huge deal to them in some cases it will result in, reduction of marketshare(how many of their debts they assign to your collection agency) Reduction in teir level (Go from being the first or second collection agency they assign the files to to the third or fourth collection agency). Let me stop here for a second and explain the teir system creditors use to collect their debt, this is good information for you to know even if your not a collection agency.
How collection works, the collection agency teir system, In most cases the first thing that will happen when a debtor doesnt pay a creditor a debt payment the debt will go into arrears, If the debtor is still in arrears to the creditor after 90 days. The debt will then be transfered to the creditors in house collections where they will try and get the debtor to pay the past due and get him back in good standing either all at once or by taking payment arrangements. If the debtor fails to follow through with the payment arrangements or they cant contact him at all they will then send the file to a collection agency under a cure status. This means that that agency isnt trying to collect the whole debt they are simply getting the debtor to pay his arrears and then be transfered back to the creditor on good standing. This is the last chance the debtor has to keep the account in good standing and keep the debt for defaulting and becoming due in full. If the collection agency isn't able to cure the file it is send back to the creditors in house collections. Collection agencys that work curing files get a flat fee for each file they return to good standing while collection agencys after the cure agency work on commision. If the creditors in house collection debartment is unable to collect the debt then it will go back down the collection agency tear system. Each agency will have a set number of days to get the file paid or start getting payments on it. If the agency cannot collect the debt or get a payment in those number of days the file will go to the next agency in the cue. Usually if the 4th agency is unable to collect the debt it will then be sold to a third party debt buying company that is also a collection agency, the creditor will keep sending it to agencys, or they will cease collection efforts. If the debt gets sold as you might have noticed in the disclaimer the purchaser then becomes the creditor and therfor is not liable under the collection agency act. This is usually when the tactics get the most brutal because the company has few rules it has to follow because it ownes the debt and now its first party collections aka the creditor collection department. Generally the further down the collection agency list the debt goes the settlments offers become better meaning the debtor can pay less to settle his debt and the commision for the agencys increase. For example I used to work for a bank portfolio on the 4th assignment files, for this bank the allowed settlments where 50 percent of balance and the commision was 50 percent of what you collected. Because I had a mix of student loans and retail accounts my files could be upto 100000 dollars and averaged around 10000 dollars. So I could settle the 10000 file for 5000 (50%) and the collection agency I worked for would make $2500 commision on that file. The amount the collector makes usually has to do with a breakeven a percentage and a target, the breakeven is so many times his salery. So lets say my breakeven was 3 times my salery of $2500 and my target was $5000 so everything after $5000 I would make 10 percent on and everything after my breakeven $7500 I would make 20% on. This is just a possible example of how a commision structure would be set up for the collector. If you are working at a collection agency now you might have a different system but generally all agencys will want you to hit a target. The commision you make after hitting your target will always be higher then if you dont, and in some cases you wont make any commision unless you hit your target.
Ok you got your debtor on the phone now your at the hardest step in collecting the debt the Positive ID. You may have to confirm anywhere from 1 to 4 points of verification.
I usually start with he john, debtor replys hey or any other positive responce, then I say John smith right on happy rd? he says yes, I say I got a birthday in june whats the day and the month, he will usually respond with the rest of the information thinking its a company he regualary does buisness with since you seem to already know his information. Then I go right to the point My name is jay I am calling on behalf of x bank in regards to the x amount you owe. This is when the debtor will usually start making excuses why he cant pay the debt in full and offer a payment. You say ok I dont have a problem with that I just have to fill out a FCA or a Finanacial Capacity Sheet so I can show the creditor why you cant pay in full and then I can set up a payment arrangment. The debtor will go along he thinks your on board with his payment and all he has to do is answer a few questions he might not even intend to make the payment but figure that by cooperating it might get you off his back. So start with stuff you already know and he knows you already know. So your still living and 123 place st or is there another address you would prefer me to send the mail, I know my gf would freak if she got one of my letters wants me to send it to your parents or a friend instead? He will most likly agree giving you his parents address most likely. Then you go right to the financial questions how much do you pay on your mortgage a month? if he answers with a number you now know he owns his house, if he says i dont have a mortgage I rent then say how much for rent then. He will reply with an amount. You then say I'm sure you have alot of expenses thats why you havnt been able to pay this debt, let me get them all down so I can explain that to the creditor and get you approved on a payment plan that works best for you. So how much is your car payment? he replys 700 that sounds like its a really nice car you have, he will reply with what kind of car he has. Then ask him about his bills how much do pay for car insurance, gas, home phone, cell phone, soon as he answers how much he pays for the cell phone ask him for the number, make sure you have been asking a few questions in a row first if you do it right he will tell you the number without thinking about it first. Or he might say that this is his cell phone, if he does then ask him for the home phone number, if he resists at all, tell him that this bill is due in full the only way i can accept payments and not have this debt collected by other means is if your 100% honest with me, he will then give you the number. Once you have asked him all the questions regarding his bills you should now have his home phone number his cell phone number and the year and model of the car he drives. Next ask him how much he makes a month he will replay with a number. You then ask are you still at the same place he will say yes or no, if he says yes oh whats the name of the place again? most likely he will give it to you. If he resists tell him I have other ways of getting this information first of all you proabably dont want me to send documents to your payroll, and you probabably dont want a collection agency calling your work. He will then most likely tell you where he works, ask him for the number to, again if he resists tell him i have to call and get it for the creditor its alot easyer if you give it to me. Plus since you are being cooperative we have no reason other then to set up a payment arrangement, and as long as you keep to our agreement the file will stay with me and I promise I wont call anyone but you. One last thing I need to put down an alternate contact someone I can call if something happends and I cant get ahold of you, again I will only call them if I cant get ahold of you. Find out who that person is to him parent gf friend and get their number. Now that you have his income and his expenses add them upp lets say he makes 3500 a month and his expenses at 3000 a month this means you have a possible payment amount of $500.
Now you have everything you need you started the call without even knowing if your calling the right person and youve ended the call with everything you need to make sure this bill gets paid, now that you know everything about him he is alot less likely to try and evade the debt, he certainly doesnt want you to start calling his work or the person he gave the alt address of. Now tell him that the minimum payment the credit exepts on these files is 10% of the balance lets say he owes 10000 so the minimum payment would be 1000. He is going to say he cant pay that he will repeat what you told him that he only has 500 dollars left after his expenses. Tell him that your going to try and get him approved for $500 payments and ask him to hold. Dont come back to soon give him some time to think about the position he is in now, he is going to be hoping you come back and agree to the 500 monthly payment. When you come back to the phone tell him the good news the creditor approved the $500 payment as a good faith payment. Tell him you have to review the file in 30 days but as long as the payment goes through he wills till be dealing with you so he shouldnt worry to much about it. Now ask him what day is the best to take the payment out of his account (this is if your agency is setup with pre-authorized debit). He will tell you a day or he will say he wants to send the payment in himself. Tell him that its the only way the creditor will accept his payment and they can find out which bank he is with anyway it just looks alot better if he cooperates. Boom get the payment setup make sure its the next payday and not something way in the future. Now tell him you need a payment today doesnt matter for how much even $1 its just to get him on a payment plan. This payment will reset the clock so you dont have to worry about loosing the file before the payment date. Now that you have the pre authorized debet set up for x date and you got him to make a payment today of x dollars, tell him that hes all set on his payment plan and that you will have to speak to him again the day after the payment.
This is your goal, to make sure that you get all his info correct address phone numbers place of employment and alternate contact. Set up a pre authorized payment and get a payment from him today. Your manager is going to be in awe of how you where able to pull this off all on your own without any training from him. So if the guy had given you a number when you asked him how much you pay for your mortgage do a land title search to confirm he owns the home and for how long. If it turns out he is a homeowner and he has lives there for atleast a few years your next step is going to be to explain to him the benifits of a second mortgage how he can have all his bills paid high interest credit cards car payments and even your debt and have one small payment a month that is less that what he is paying you alone.
Ok so you received his payment that you asked for immidiatly, ask your manager to check if its the same bank account as the one you set the pre authorized payment plan on. If it isn't dont worry he might have not had the money to make the payment and asked his gf or his parents or someone else to make the payment for him. He has trusted you so you need to trust him, unless he doesnt make his payment dont call him untill after the pre-authorized payment went through. Then call him like you said you would, tell him that becase he is a homeowner and because the payment the creditor would receive if they had a judgement was greater he needs to refinance and get this bill paid. First tell him that refinancing will get rid of all his high interest payments he can pay off his car loan his credit cards and anything else he owes, he can even take out some extra money to renovate or take his family on a vacation. Tell him that by paying off all his debts he is going to greatly improve his credit rating and that because interest rates ares so low he can refinance again in a year when his credit has improved and his payment will be even less. If you have to break it down for him, then go over his fca and tell him look hes not going to have to pay his car payment anymore hes not going to have to pay his credit cards anymore. At the end of the month by refinanceing he is going to have the 500 he was going to pay you plus hundreds if not thousands more by paying off all his other debts. His credit will improve by doing so and in 12 months he can go to the bank and and refinance his first mortgage and the second mortgage and because the interest rates are so low he will be paying less altogether then he was just paying his first mortgage before. It's not a hard sell at all even if hes not sold at first when you tell him he can take extra money out to do something he wants he will be good to go. And if he refuses let him know the amount the bank can take off his paycheck with a judgement its usually 30 percent and they can put a lein on his house so he cant buy sell or remortgage without paying them off first. By doing this he is going to be helping himself greatly and if you have to push him a little its going to be in his and your best interest. Not only will you get your debt paid and make commision there you will get commision from the refinance usually a couple thousand dollars. Fill out mortgage application here
and financing will be approved in 24 hours or less.
If the debtor doesnt own his home, there are still a few ways he can get the money finance companys like city financial or he can get his parents or significant other to cosign. After you receive the first pre-authorized payment. Call him and tell him that the creditor wants to get this financial matter resolve. Let him know when the debt came to your collection agency it was in demand status, meaning the balance is due in full. This is the perfect time to offer him a settlment on the account as an incentive let him know that if he pays this debt off not only is he going to be able to rebuild his credit, his payments to a bank will be much lower then what he is paying now. Tell him that the settlment has to be paid in 2 weeks time that means he has to talk to whoever he has to talk to to cosign. Tell him if he cant get a cosigner he has to go apply at citi financial. Advise him that even if he has to get the money from citi financial he will save money on the settlment now. And after 12 months with city financial he can go back to the bank and show them that he is able to make his payments to citi financial therfor he can easily play the much lower payments to the bank. Before you end the call have a plan in place of how he is going to get the money if he is going to get a cosigner then he is going to have to go to his co-signers bank and apply, if he is going to have to go to citi financial get him the number to a branch near him and let him know you will be following up with them. Also let him know that if he wants to continue payment plan without your manager taking his file to the next logical step, he has to try at city financial and call you back with the name of the loans officer he applied with. Tell him to take the settlment letter to citi finanacial and have the send the payment directly to you. If he is denied tell him he needs the denial letter so you can give it to the creditor.
If he doesnt get approved keep him on the pre-authorized plan but call him every month make sure all the information on your file is still correct and ask for larger payments. Let him know the creditor wants payments of 10 percent of the balance if he cannot do that we need to go over his financial profile every month and get him to increase his payment even if its by 50 dollars a month. You dont want him to pay the entire bill in payments your not the creditor your a collection agency. Let him know that he will be asked to reverify his income every month, remind him how much the creditor could take off his paycheck with a judgement. If he is going to be making payments to your collection agency they have to atleast be matching what he would be paying wiht a judgement. This way you will have debtors randomly calling you telling you that they found a co-signer and they will be able to pay the bill, or at the very least you will be getting large payments from all the debtors you found that cant pay the bill in full or settle it. My goal was always to have my target from the large payments and every file i setted was commision money.
Rules for each province is listed on this page, the guide above is only a reference. You must know all the rules for each juristiction you are collecting in.
Our goal is to educate all canadian's about how collection agency's work, the collection agency training manual above is the first time
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Collection rules in Ontario
Collection rules in Manitoba
Collection rules in Saskatchewan
Collection rules in Alberta
Collection Rules in British Columbia
Collection rules in Prince Edward Island
Collection rules in Newfoundland & Labrador
Collection rules in Northwest Territories
Collection rules in Yukon Territories
Collection Rules in Nunevut
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This page has all the tools you need to find anybody you need to find, first learn how to use google and all the tips and tricks available here. Learn to use google tips and tricks
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Debt collectors Information, debt collector is a term for a licensed bill collector and debtor is term for person in debt which is secured or unsecured debt
get out of debt, how can you be debt free
credit card debt and all other unsecured debt