In an era where traditional methods of data collection are becoming less effective and increasingly costly, social media presents a goldmine of actionable insights. The pervasiveness of platforms like Facebook, Twitter, Instagram, and LinkedIn has changed the game for collection agencies and skip tracers. Individuals today often maintain multiple social media profiles, which affords a multidimensional view of their whereabouts and how they spend their time. This isn’t merely a fleeting trend; it’s a shift in the industry that professionals need to understand and harness.
What Social Media Data Can Reveal
One of the most significant advantages of social media lies in its capacity to unveil valuable insights about consumers, encompassing their current location, employment location, contact information, and preferences. In today’s digital age, individuals readily share personal milestones and location-related data on social platforms. This wealth of information can be harnessed to gain a comprehensive understanding of their geographical whereabouts, employment locations, contact details, and preferences.
Up-to-Date Location Information
Geographically and temporally, social media brings an added layer of detail to the table. Geo-tagging features and check-ins can provide real-time indications about a debtor’s current location or places they frequent. Additionally, the timing of a debtor’s online activities can inform when collection efforts are most likely to be effective. These nuances were previously impossible to gauge through traditional skip tracing methods.
Social Network & Additonal Avenues of Contacting Debtors
Social connections, too, provide valuable avenues for investigation. A debtor’s friends and family are often visible on social media platforms, offering an additional layer of contact when the individual is hard to locate. Even professional networks are no longer hidden, thanks to platforms like LinkedIn. This can be particularly useful for procedures like wage garnishment or when direct workplace contact is required.
Key Social Cues
There are other subtleties social media can reveal, which might seem peripheral but can have a profound impact on collection strategies. For instance, the tone and style of an individual’s posts can provide clues about how to effectively communicate with them.
Considerations when Leveraging Social Media for Collections & Skip Tracing
It’s essential, however, to tread carefully when using social media for collections, keeping in mind legal and compliance factors. Some information might be admissible in legal proceedings, adding weight to collection cases. Transparency is key; all actions should fall within the framework of compliance and regulatory guidelines.
Supercharging Social Media Data with Advanced Analytics
What makes social media uniquely powerful is its ability to provide real-time updates. Unlike traditional databases that could be years outdated, platforms like Facebook and Twitter offer immediate insights. Life-changing events such as new employment or marriage often find their first public mention on social media, and these can serve as triggers for timely collection actions.
Technology takes this a step further by enabling automated strategies. Advanced analytics tools can scan social media platforms for changes in a debtor’s location while integration with existing CRM systems provides a comprehensive, 360-degree view of the debtor’s profile and risk factors.
Final Thoughts
To sum up, the increasing relevance of social media in skip tracing and collections cannot be overstated. Agencies looking to leverage these advantages should consider specialized platforms like Spokeo for Business. Pioneering in social media aggregation and deep skip investigations, Spokeo ensures you are equipped with the most authoritative and actionable insights. The future of collections is digital, and platforms like Spokeo for Business are leading the way.
This article was produced in partnership with Corporate Advisory Solutions and originally shared in their Q4 2023 newsletter.
Disclaimer: This article/email is not intended as legal advice. Consult your legal and/or compliance department before making any changes to your operations.