When you are trying to track down someone who owes your company money, you may find that from time to time finding a debtor is almost impossible. The good news is that there are ways in which companies can support you to find individuals who’ve moved house or have tried to escape paying you back. An unpaid invoice can cause a lot of trouble for you as a business owner, so you need to make sure you do all you can to ensure they are paid on time. Keep reading to discover what debtor tracing or skip tracing is and how we can support you to get your business finances back on track.
Skip Tracing – The Basics
Skip tracing is a service that strives to locate an individual who has moved away from the address that you believe they lived at. In order to find the individual, the company will work to find the person’s new address with databases designed for this purpose. This helps to offer links to old and new addresses, making it easier to find someone with an invoice unpaid. They’ll then verify the information to make sure that this is the correct new address they live at, so you can work to get your money back. As you can imagine, this would be a very time-consuming task to carry out on your own, but with our assistance, we can support you with the late payment of invoices.
How Does Skip Tracing Work?
There are many different ways in which you can work to track down someone who owes you money. These are a few of the ways in which skip tracing UK can be carried out, ranging from simple searches to more complex options.
A Simple Internet Search
Before you work with an agency that offers debtor trace services, we recommend that you quickly carry out a basic internet search on the individual or company you are trying to track down. The internet has become even more advanced in recent years, offering us more information than ever before about the people we are looking for. A quick search might pull you up the new address of the person or business you were trying to find, allowing you to send them a new invoice to this address without needing to work with a skip tracing agency.
Government Databases
From there, you need to start putting in more effort to find people who have not paid their invoices. Government databases offer full information about most businesses, allowing you to get in touch with them to pay off debt. Databases of businesses offer you information such as addresses and contact information and are usually reliable sources of information. Keep in mind that this isn’t always the most successful of options, but it’s one worth trying out.
Credit Reports for Debtors
Credit reports are a good way to get a better idea of recent financial activity of an individual. They will allow you to see if they’ve recently had to take on more debt. This could give you a clearer picture about why they are unable to pay you and may help you to get an idea of when the payment can be made. Now you know the skip tracing meaning, you can probably imagine this is one of the top tools that agencies use in order to help you with an outstanding invoice. The only issue with this is when people move out of the country and truly try to flee debt, as you won’t get a clear picture of what they are up to.
Complete an Asset Search
A final option that agencies can use to try and track down an invoice overdue is an asset search. This could mean visiting the residence where the person used to live. As a business owner, this is a task we recommend you outsource to a debtor tracing agency, as they’ll be more qualified to undertake this work. Skip trace tasks can be risky for individuals who don’t know how to safely carry them out, which is why you are better working with people who do this on a daily basis and will know the best ways of skip tracing to get you the results you desire.
Now that you know what skip tracking is, you can decide for yourself if this is a service that could support you when dealing with unpaid invoices in the future. Our team will be here to discuss the various options on offer when trying to track down people or businesses that owe you money. We’ll use the tools and techniques at our disposal to ensure that you get paid quicker than you would do without our support. Contact us today to discuss any questions you have about skip tracing or to start working with our team to enjoy more financial security moving forward.