Introduction
Thank you for your interest in Behind the Skip. If you couldn’t join us live, here is a quick look at trends and tactics that our expert panel shared to help everyone in the business work with greater efficiency.
The skip and recovery industry is a shifting landscape demanding. Primeritus organized a webinar on September 11th, featuring a panel of industry experts with a discussion focused on maximizing the efficiency of the skip tracing sector. Participants included individuals representing stakeholders in each step of the skip tracing process.
Meet the Panel
- Shannon Looney – Sr. Director, Skip Operations, Primeritus Financial Services, Inc.
- Craig Tackett – Director of Client Relations and Business Development, NAR Services, Inc.
- Nicholas Tornabene – Senior Account Executive, IDI
Evolution of Skip Tracing
From Paper Files to Artificial Intelligence
The evolution of skip tracing over the past 20 years has taken us from traditional paper records all the way to the introduction of artificial intelligence. While the increase in automation through data partnerships has revolutionized the process, our panelists agree that direct communication with the consumer, when possible, remains a vital part of the skip tracing process. Increased automation within our data providers has improved coverage of key information, such as employment information and consumer relationships. Public records, such as court records and DMV information, and even social media provide skip tracers with key information to locate units efficiently.
Best Practices & Tactics
Blending Technology with User Expertise
As technology in the field has advanced, our experts have emphasized the value of the basics, knowing the manual process and the value of direct communication between field agents and skip tracers. Training new skip tracers with a waterfall process has decreased the time to mastery, enabling those newer to the field to dive in and pivot as needed to yield optimal results. Utilizing multi-source validation and complementary tools allow skip tracers to connect the most viable pieces of information for field agents to follow up on. Direct communication with the consumer, typically through phone calls, remains our best source of information. Properly utilizing this initial contact to update all case details is paramount, even when the consumer is actively working to get their payments up to date.
Data Quality & Compliance
Compliance Drives Confidence
A key aspect of the skip tracing process is compliance and permissible uses of data. As part of the standard work process, taking a moment to note which source information was pulled from will allow companies to pinpoint which sources are the most beneficial for their business, enabling them to focus on the most reliable information moving forward. Even if your team primarily utilizes data from public sources, compliance must remain at the priority for everyone’s safety. Having a compliance program in place for skip tracers and ensuring data partners maintain the same accuracy and compliance standards as your business gives everyone clarity and confidence in performing their duties.
Looking Forward
Streamlining Skip Tracing Through Automation
Moving forward we expect to see further increases in automation and more advanced AI in the world of skip tracing, leading to greater confidence of skip tracers in data provided by partners. Unfortunately, trends are indicating we will see an increase in displaced consumers who may be living in their cars or moving back in with relatives. Increased automation on data platforms allows skip tracers more time to spend looking for potential addresses through key relationships. With increased automation we also expect to see more efficient ways to search data platforms emerge, as well as better account prioritization.
Strategic Recommendations
Process Optimization in 2025
- Increase collaboration between lenders, forwarders, and agents: Lenders providing as much documentation as possible can provide key information for skip teams to narrow potential addresses down for agents.
- Utilize a waterfall approach: Follow the process, refresh data from partners monthly.
- Take advantage of social media: Platforms like Facebook and LinkedIn encourage users to share life events and update employment information regularly.
- Utilize phone numbers: Often our best source of information is direct contact with the consumer. Asking the right questions on initial contact can provide key information like accident history and current addresses.
Summary
Final Thoughts
While the skip tracing industry has advanced rapidly in recent years, our panel of experts agree that a continued focus on the basics leads to success. Maintaining data quality and compliance is critical, tracking data sources and ensuring partners maintain similar standards protects everyone in the process. Looking ahead, increased automation is expected to streamline processes and improve prioritization, while strategic collaboration and smart use of tools like social media will continue to drive success.
Missed the webinar but want more?
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Thank you for reading; stay tuned for our next Repo RealTalk session next quarter!