The times that sending a letter and doing telephone follow ups with debtors is long gone. We still get on the phone but the paperwork is almost completely replaced by digital. Internet has become a powerful source of information, also for debt collection.
But how to effectively use the Internet for debt collection?
The reasons for using the Internet for debt collection are twofold: 1. to create a profile of your debtor which gives an indication of its financial possibilities and therewith its “pay back potential”, and 2. to obtain as much contact details as possible, like e-mails, telephone numbers, Skype contacts and Social Media links.
We can distinguish three basic categories – let’s call them “online tools” – to accomplish the creation of a profile of your debtor and obtain contact info.
As a start, “google” your debtor. Use all the info you have to create search combinations as unique as possible so that the likelihood of useful results increases. The search combinations may include first name, last name, nickname, location, former location, country, date of birth, profession or industry your debtor is active in; basically any information available. Often an initial search gives additional info which can be used to narrow the Google search further.
- Social Media
Use the power of Social Media. Facebook, Linked-In, Twitter, Google+, Pinterest; nowadays, the majority of people and companies have online profiles.
- Online Databases
Publicly and privately run databases can provide a lot information. Public ones are for example Chambers of Commerce, public registers of properties and industry directories. Privately run databases can be yellow and white pages, company directories, also industry directories, associations; to mention a few.
The reasons for using the Internet for debt collection are to create a profile of your debtor and to obtain contact details. There are three basic online tools to help you obtain useful information: Google, Social Media and Online Databases.
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