Tracing is the skilled profession of tracking debtors. It’s only natural that people and businesses move around, leaving outstanding debt in their wake. The industry often defines these people as ‘gone aways’, moving without any notification leading to a breakdown in communication. Gone aways have a significant impact on many businesses. It’s unprofessional for businesses to contact a gone away at their previous address and it is also a requirement under the Data Protection Act that all personal details be up to date. It also defines that holding historical data is a breach of the act.
Debtor tracing is the process of tracking down outstanding debtors which ideally should lead to the parties in question resolving the debt. Effective tracing can only be done with the right level of expertise and tools.
Keeping personal data up to date, identifying and tracing debtors can cut into the time of many growing businesses so the idea of outsourcing this to specialist data cleansing and tracing agents is becoming more popular.