Page 115 - CARS Standard Program

I. Credit Bureau. Ask your client to provide you with a current credit bureau report. There is a wealth of information contained in this report about the debtor. Just as important are the other creditors listed in the report who may become invaluable contacts. Always assure those creditors that you will be happy to reciprocate should they need information from you.
J. Telephone information (411). Probably the most forgotten and certainly one of the most important sources of information. Check it regularly. It can be embarrassing for your client to call and tell you he just obtained the telephone number and address of a skip you have been attempting to locate for 30 days simply by calling telephone information.
K. Debtor’s bank. Some are cooperative; some are not. Always attempt to cultivate contacts there. Let them know you will share information they might need in future.
L. Insurance agent. Another often-overlooked contact. The agent may be able to verify a new address and can always tell you if there is an unknown or underage driver on the policy. Also, there may have been a claim made against the policy and the collateral may be sitting in a repair shop waiting for the debtor to pay the deductible.
M. Your client. If the last payment made was by check, contact the bank it was drawn on for a current address. If payment was made by money order, obtain a copy and determine where it was purchased. This may indicate the city and general area where the debtor is currently residing or working. Determine if the debtor has an ATM card and where he’s using it. ATM cardholders will normally use their card at a location within a mile of where they work or live. If the withdrawal is made consistently around lunch time, you can be sure the debtor works nearby.
N. The telephone is still the most effective, fastest and least expensive method of locating debtors. The purpose of the telephone call is to obtain information which will be helpful in locating the debtor and make the recovery of the collateral possible. As stated earlier, timing and consideration of the person you are calling are of utmost importance.
Many skips are found, or lost, based on your initial telephone call. “Hello, Mr. Martin? This is Brad Davis. Do you have just a moment? (pause) I’m trying to get in touch with Earl Brady. Could you give me his new telephone number or mailing address?”
Be prepared for questions such as, “Who are you?” or “What do you want him for?” The way you answer these questions may be the deciding factor as to whether you obtain helpful information. Once you have gained the informant’s cooperation, you can ask more questions, such as, “Do you know anyone else who might help me?” You may even decide to ask “wrong” questions, such as, “Does he still have that fancy red Camaro?” even though you know the vehicle is a Ford Thunderbird.