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Monitoring Unpaid Debt

When you are owed money, one of the primary goals is to collect those funds as quickly as possible. However, there are instances where debtors insist they do not have the funds available to pay. Rather than walk away from the debt, your option is to monitor their finances in order to determine when they might have the money available. While this may sound complicated, there are actually means where you can do this fairly easily.

Monitoring Finances of Debtors

Public records can tell you when someone has sold a home, has won a lottery drawing or has inherited money. One of the best times to seek payment of a debt is immediately following a windfall of this type. Using a strong monitoring system of public records, we can help you be prepared to reach out to customers who owe you money as soon as it is determined they may have the money to pay you the amount that is outstanding.

Monitoring Debtor Credit Reports

One of the basic ways to determine if a debtor has access to unexpected cash is by reviewing their credit reports. Sudden jumps in credit score or a new pattern of paying credit card bills in full can indicate the client has either changed jobs, returned to work or has inherited money. Being able to monitor credit reports allows you to immediately seek repayment on outstanding debt while a customer is likely to have funds available for payment. Debt collection is always challenging and when your customers are not paying their bills, you need to have a clear way of determining what debt is collectible immediately and what debt may be collectible down the road. However, if you do not have a plan in place to monitor the debtors finances on a regular basis, you could miss out on the opportunity to collect your past-due accounts. While not all debts will be collectible, you owe it to yourself to aggressively monitor customers who owe you money to ensure that if they have the cash available to pay the monies you are owed that you are ready to seize the opportunity. This can be done through careful monitoring of public records and credit reports, positioning you to take advantage of changes in financial circumstances or sudden windfalls.

Call (773) 245-1682 to start training your team to monitor unpaid debt

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Midwest Lenders Services
Debt Recovery Consulting / Training 
Headquartered in the Chicago area

Phone (773) 245-1682

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