In today’s fast-paced world, the ability to locate individuals quickly and accurately is crucial for debt collectors and lenders. Leading skip tracing software is differentiated by data accuracy and data source expansion that delivers increased right-party contact (RPC) rates, better cost efficiency, and improved user experience.
The need for improved skip tracing
The landscape of skip tracing has changed dramatically in recent years. Call blocking and mislabeling have led to a decline in RPC rates, while increased scam activity has caused many consumers to ignore calls and texts. Additionally, the sheer volume of new information available makes efficiently organizing and delivering helpful results a higher priority than simply gathering data.
Here are a few quick stats:
- Email addresses go stale at a rate of 3% each month
- There are 820 million changes across all contact databases every 90 days
- Human errors lead to 50% of data issues, such as a typo that results in a bounced email[1]
As a result, we’ve made significant improvements to our skip tracing solution, TrueTrace™.
What is TrueTrace?
TrueTrace, a powerful skip tracing solution, is a go-to resource for both small and enterprise collectors. For locating hard-to-find individuals, TrueTrace is now even more effective, leveraging advanced technology and more data to enhance its performance. Some organizations that tested TrueTrace saw a 10% lift in RPC rates compared to the competition.[2]
Here’s a look at some of the improvements we’ve made:
- Enhanced data accuracy: TrueTrace now runs on an identity graph to tie data from disparate sources to a unique persistent ID for each consumer. This upgrade improves data matching and accuracy, ensuring that users can rely on the information provided.
- Expanded data sources: The new version of TrueTrace incorporates email appending, making it a convenient all-in-one solution. By including new and unique data sources, TrueTrace increases hit rates and provides more quality results.
With these improvements, here are some potential benefits to your business:
- Increased RPC rates: Improved data quality and accuracy lead to higher RPC rates, making it easier for collectors to reach the right individuals.
- Cost efficiency: Reducing operational costs associated with wrong-party contacts and outdated information helps businesses save money and improve their bottom line.
- Improved user experience: Easier access to accurate data leads to more efficient operations and a better overall user experience.
Using an identity graph to organize data points
Identity graphs allow organizations to build customer profiles based on a combination of data points. Companies can also use cloud-based services to implement additional, larger sets of data.
Within an outreach strategy, skip tracing tools can use identity graphs to associate names, phone numbers, email address, physical address, and assets from multiple, unrelated databases into a single source of accurate information. This can help organizations save time and increase efficiency.
Upgrades to skip tracing help businesses enhance efficiency
The latest enhancements to TrueTrace represent a significant advancement in skip tracing technology. With upgraded data accuracy, expanded data sources, real-time updates, and flexible integration, TrueTrace offers a comprehensive solution for businesses looking to improve their outreach strategy. This tool can help businesses achieve higher RPC rates, reduce costs, and enhance their overall operational efficiency.
To learn more about TrueTrace and its new features, read our latest whitepaper or visit our website or contact us for further inquiries. Discover how TrueTrace can help your business achieve better skip tracing with higher quality results today.
[1] Experian (2023). Revolutionizing your email strategy.
[2] Experian TrueTrace data
