Mis-Trace and the Collections Industry
Mis-trace is one of the biggest issues for the collections industry. On Sunday the 3rd of April this was highlighted once again in The Telegraph, an article tells the story of a man who had been mis-traced, even though he was 30 years younger than the debtor, and the trouble he had had getting his name cleared.
The BBC has reported on mis-trace numerous times in the past years, for example Watchdog, each time the public perception of the recoveries industry has taken a dent. The industry has done much to improve its image over recent years, nevertheless mis-trace seems to be a thorn in its side.
However, another article on the BBC’s website reports the speed at which the trace industry has grown, they suggest an increase of 14 million cases per year between 2008 and 2010. It is therefore positive to know that the numbers of complaints regarding mis-trace have not grown at the same rate. These growth figures highlight the opportunities, however the threats of mis-trace are never far away.
Subsequently, what does the industry need to do in order to manage growth in such a way that mis-trace is prevented and best management, while not being adversely financially affected by extra costs? Simply it is about having the correct system in place to deal with enquires as quickly as possible.
There will of course always be debtors who claim to have been the subject of mis-trace when in fact they are the true debtor. This is why it is vital to see trace cases in a succinct, complete and timely manner, allowing quick judgements on the next steps to be taken. Where there is a doubt rechecks can be made and trace agents should be held accountable for their trace practices.
A system such as tracehunter can offer a trace department a new structured, transparent and flexible approach to trace. The system is designed to increase productivity to help manage growth while simplifying trace compliance for the industry.
tracehunter isn’t a data source but a trace hub, which allows total control over all aspects of debtor trace. tracehunter automatically builds a complete picture of all trace activities, which can be simply reviewed when mis-trace enquires happen. As tracehunter records all trace activities trace agents become fully accountable for their actions. Furthermore, trace firms can offer a degree of transparency to clients which is rarely seen.
www : www.tracehunter.co.uk
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