LATEST NEWS
Collection Snapshot - Debt collection techniques
19 November 2021
Written by: Nomvelo Koza
Collections Snapshot
The collections Snapshot offers a comprehensive overview for tracing a consumer and provides the facility for decision-making on the viability of collection, making it easier for both the consumer and the debt collector.
Consumer summary:
The consumer summary offers the propensity or the ability of the consumer to pay and their best contact number. This makes it easier to detect/determine the consumer’s credibility and possibility of being reached by the collector.
Affordability and income estimator:
This enables the collector to display the consumer’s disposable income by outlining the predicted income, available instalment, estimated expenses, confirmed bureau expenses, and total predicted expenses. Here the collector is then able to determine the affordability of the consumer towards the collection. It simplifies the aspect of whether or not the consumer is able to pay back the debt in question.
Credit activeness:
This setting outlines the credit activeness over a 12-month period by show the collector the activities taking place in the creditor’s account. This function’s objective is simply to show the progress of the creditor in respect of payment.
Debt summary:
This shows the credit activity for the last 24-months. Available for SACCRA and NLR members. This function is somewhat similar to the above mentioned function, in that it summarises the total debt over a 24-month period as opposed to the above mentioned.
Payment gap:
The time of the month the consumer pays their account/s. This assists the collector with detecting the time of the month where the consumer pays their accounts, to keep in line with the consumer actually paying of the debt that the collector is trying to retrieve at the agreed time of the month.
Industry area status:
This is exemplified by telecoms, mortgages and credit cards etc.
The Collection Snap-shot is a wonderful tool which makes the collector’s job of consumer-debt recovery to be simple and effective, for both the consumer and the debtor. An efficient business tool, coupled with all the other attributed features of the Inspirit Data Analytics Services, it makes for simplicity to conduct recovery, proficiency and excellence.
“ Creditors Have Better Memories Than Debtors. "
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What is Debt Recovery?
Debt collection
20 JULY 2020
Handing problem debts over to a debt collection agency can be a quick and easy way to recover them. You can use a debt collection agency regularly or on a one-off basis.
Alternatively, you can use an online debtor tracing tool to trace absconded debtors in order to improve your accounts receivable.
Finding the best debt collection agency in South Africa can be challenging
Outsourcing debt collection to a debt collection agency can be a less confrontational way of chasing outstanding debt than taking court action, but can be a costly exercise. Debt recovery and debt collection are similar terms with one small difference of whom is who is trying to retrieve a debt.
Inspirit Data Analystic Service (IDAS) offer a least costly approach to tracing a debtor by providing access to a tool that can provide up-to-date contact information for your most hard-to-locate debtors.
This dynamic and robust debtor tracing application is frequently refreshes its extensive databases of consumer and commercial information, enabling you to locate elusive debtors, make contact and collect unpaid debt.
IDAS not only has designed this tool for debtor tracing, but also for consumer and commercial verification.
Confirm a persons or company’s information before issuing credit or being scammed by syndicates who provide falsified information.
As a first option, don’t pay high debtor tracing fees, but rather try and gain access to additional information from multiple data points that allows you to make contact with the debtor in order to recover debt.
IDAS offer two type of payment options which are:
· Monthly license fee designed for high volume of tracing
· Credit options – pay for a batch of searched
· Individual search -pay per report.
For more information, contact us on at hello@inspirit.co.za or visit us on www.inspiritdata.co.za
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External Debt Collector (EDC)
24 June 202
Consumers are increasingly relying on credit from multiple credit providers to simply get by, and External Debt Collector (EDC) companies are receiving increased higher referral volumes. According to StatsSA, reports show that the debt-to-income ratios of customers at debt counsellors were at an all-time high in the fourth quarter of 2019. In addition, as a result of Covid19, it goes without saying that those numbers will be on the rise.
Credit institutions are very aware of debt collection challenges and are exploring the means to enhance their arrears management efficiency and effectiveness by either outsourcing to external debt collectors or looking to move into digital collections and harness the value of their data for the purpose of meaningful insight from predictive analytics.
Companies with debt collections try to minimise these losses by recouping some of the debt by either making use of internal or external debt collection strategies, or a combination of the two. Debtors that are in higher recency bands are usually handed to external debt collectors. Also those debtors have proven unresponsive to internal collection efforts.
Inspirit Data Analytics Services - IDAS has built 3 fundamental innovative functionalities into our debtor tracing tool that will lift collection efforts viz:
· Merging data sources from multiple data points into collections that provides a deeper view of the debtor;
· Innovative use of full text searching and statistical modelling techniques that traces debtors than traditional methods;
· Innovative ways to enhance collection strategies using scorecards;
We suggest that organisations issuing credit should have access to IDAS as an online debtor tracing and consumer verification tool that will aid in the debt collection process as a first option, before outsourcing to external debt collectors.
Try our more affordable debt collection option.
IDAS: Debt recovery made simple.
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Debt Collection made Simple
18 June 2020
Even in cases where debtors have absconded, debt collection can still be possible with the right debt collection tools. With extensive years of experience with providing debt collection solutions to Debt Collectors in South Africa, debt collection and the many techniques involved in tracing debtors to collect debt can be seamless.
The debt collection process involves tracing and investigation a debtors information in order to make contact. Therefore it is vital that the relevant debtor information is available to ensure accuracy and effectiveness when attempting to engage with the debtor.
Tracking and tracing tools like Inspirit Data Analytics Services (IDAS) has made it easier to track down the elusive debtor.
The online Debtor Tracing tool is an in house verification and debtor tracing tool that will provide you with the necessary broad spectrum contact details.
Why broad, because our Online Debtor Tracing Tool doesn’t just provide you with basic contact details like other tracing tools, rather we provide you, the debt collector, information including:
· Employment and company details
· Directorship information
· Property Ownership
· Deeds office information
· Marital and deceased status
· LSM
· Contact Score
· Risk score indicating indebtedness
IDAS Online debtor tracing solution also provides you with a global search bar, a one of its kind in a debtors tracing tool that allows combination search inputs e.g. Joe James Cape Town.
In addition, IDAS debtor tracing tool provides dashboards as well as reports so that you as the administrator can manage search history.
Choose the Number 1 debtor trace tool designed for debt collectors.
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As a Legal firm, what are your pain points?
19 May 2020
1. Lack of current contact information of debtors:
It goes without saying that successful recoveries rely on the ability to contact a debtor i.e. without current information you cannot recover the debt.
Primary reasons for a lack of contact information could be:
· Debtor regularly changes their address information moving from one rental property to another.
· Falsification of information during the credit application process
Solution: Establishing information verification and authentication by ensuring realtime updated information from reliable sources.
2. Lack of ‘enough’ information to identify and contact debtors
Sparse information prevents successful recoveries leading to an inefficient use of tracing agents’ efforts which in turn prevents positive action being taken on the defaulted account.
Given the extent of data captured and kept in public records, the reality is that an organisation experience difficulty in consumer identification and tracking because the information is not where one would expect it to be.
Solution: Investigate a debtor’s third-party connection in the form of relationship links, property ownerships, co-employees and company information.
3. Difficulty in accessing more than just the basic information about the debtor
You may have a debtor’s basic information like an address or phone number. But successful recoveries require more ‘astute’ means of making contact and obtain that ‘promise to pay’. This maybe information about their spouse, employment or known associates.
Unnecessary time and resources are wasted in trying to trace data from public records, assembling and most importantly making sense of raw and complex data.
Solution: Hire a person internally to manage this data gathering task or choose an organisation that has the means and infrastructure to setup the information that you require efficiently and effectively.
4. The problem of ‘Too Much’ Information
Having a tracing agent spend ‘too much’ time on collection efforts is counterproductive, especially when you trying to achieve debt recovery targets whilst managing operating costs like telephone and salaries.
In order to ensure the most effective recovery possible, information needs to be organised so that time is not wasted examining data.
Solution: As in point 3, the least costly approach would be to utilise a debtor tracing platform that has already done the ‘heavy lifting’ by providing a unique view of the debtor using multiple data points
Inspirit Data Analytics Services is such a platform that provides analytics by managing the volume of data stored in various silos.
Try our Approach:
Debt Collections made easy with Fast, efficient and proven techniques
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Why small businesses don’t need to hire a Debt collection agency
07 September 2019
Why is there a risk when outsourcing collections efforts to debt collectors:
⦁ Being exposed to dubious collection methods that has a negative impact on your business reputation. For example, treating your former customer fairly whilst still getting job done....
⦁ You don’t necessary require skip tracing using an outsourced debt collector – you can do it yourself.
⦁ Outsourced debt collection service is generally expensive and, in many cases, should be your last resort before giving up unpaid invoices
⦁ In most cases, debt collection agencies lock you into long term contracts.
IDAS is an Online Tracing service and data tool that offers you an easy do it yourself person tracker tool that is easily accessible, easy to use and best of all, affordable.
Our solution enables the user to find someone in South Africa using search criteria like ID number check, name, address, cell phone tracing, company details as well as directorship details and finally deeds information. In addition, verify your clients details before issuing more credit, update your CRM solution with the latest personal and demographic details as well as clean and update your debtor database.
Data categories includes:
Biographical, Demographical, Employment, Directorship Details, Property Ownership (Deeds), Deceased information, Marital Status, Social Networking, Email Addresses, LSM, Company Information, Person Relationship Links, Home Affairs
The products & services offered by IDAS include:
⦁ Web based Online Trace
⦁ Batch Trace
⦁ Leads Generation
⦁ Data Cleaning
⦁ API Integration
Extended Services Offered leveraging XDS South Africa:
⦁ Access to Credit Bureau Information – only if you are a SACCRA member eligible to access credit bureau report and financial information
⦁ Analytical capabilities – Big Data Centre for large data compute and analysis against citizen database
⦁ B-BBEEE Large enterprise Level 1
⦁ Vehicle Verification checks
⦁ Consumer solutions
⦁ Credit application
⦁ Credit report
⦁ Consumer Trace
⦁ Collections Snapshot
⦁ Early and late stage collections
⦁ Payment gap
⦁ Collections snapshot
⦁ SAFPS
⦁ Education
⦁ Criminal
⦁ Biometrics: Realtime Consumer Authentication against home Affairs using thumb prints scan
⦁ AVS – Bank code verification
⦁ Income Predictor – Estimate consumer’s monthly income
⦁ Affordability – Determine what the consumer can afford
Contact us for …..
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Struggling with Debt collection?
20 July 2019
Due to scarce resources, small to medium businesses sometimes do not have the tools/relevant information to collect outstanding debt. This proves even more challenging when debtors are unwilling to pay or deliberately evade payments by providing incorrect personal contact and address information.
If you are a small enterprise and struggling to collect debt from debtors, you don’t need to employ a professional debt recovery company as your first option. You can collect outstanding debt by yourself with using technology designed to trace individuals or companies using basic inputs like ID number, name and surname, company name address or even a telephone number.
Inspirit Data Analytics Services (IDAS) is an all-encompassing web-based debtor tracing software, powered by a Credit Information Bureau and one of the major suppliers of business and consumer credit bureau data in the SA market.
IDAS has been designed for debtor tracing, offers access to a spectrum of data on individuals and companies and enables you to track and trace people using relationship links like spousal details, company co-workers, directors in a company or deeds information.
Trace using our online tracing application, designed for hard tracing of those difficult to locate debtors. Alternatively, use the online batch tracing tool designed for clients that want to trace debtors by processing large data volume files.
We understand the frustrations within the debt collection process. Our aim is to provide you with a cost-effective debtor tracing tool which allows you to trace and contact your debtor.
IDAS is that straight forward and convenient.
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- Data Cleaning
- External Debt Collector
- Identity Tracking
- Batch Tracing
- Locate Debtors
- Consumer Trace
- Credit Bureau Reports
- Debtor Tracing
- Debt Counselling
- Finding Phone Number
- Debt Consolidation
- Private Investigator
- Cellphone Tracing
- Address Search
- Online Debtor Tracing
- Credit Information Bureau
- Data Cleaning tools
- Cell Phone Tracking
- Number Tracking
- Debt Collection Services
- Consumer Tracing
- Collect a Debt
- Person Tracker
- Debtor Tracing Software
- Debt Collectors
- Debt Collection
- Credit Bureau Data
- Debt Collection Agency
- Debt Recovery South Africa