Do you find that your customers have moved without providing a forwarding address? Do you struggle to reunite assets? Do you need to reconnect with lost tenants? These are just some of the challenges businesses and landlords are facing on a daily basis. One sector particularly suffering is utilities, more and more companies are talking about change of tenancies and how this is causing big issues in the debt recovery process.
With 10% of households moving every year and as many as one million of the UK’s estimated 120 million telephone numbers becoming inaccurate every month, the challenge of being able to establish contact with your ‘lost’ customers to make arrangements to reunite assets is becoming more difficult.
Furthermore, regulation states that before pursuing debt repayment, companies must take reasonable steps to verify the accuracy and adequacy of the available data*. This is to ensure that the correct person is being contacted to prevent unnecessary stress to innocent individuals.
So can you connect with your customer and have confidence you have located the right person? Tracing could provide the solution.
So how does it work?
When trying to reconnect with ‘lost’ customers, a business will commonly be provided with the name, date of birth and last known address of the individual. They will then utilise this information in conjunction with various sources of data in an attempt to confirm a new address and contact details.
Credit Reference Agencies, such as Experian, can then search its databases for a potential link to a new address which can then be supplied to the business. If the business doesn’t have the personal information of the individual, they are looking for then they need to make contact with ‘the occupier’ in order to attempt to confirm if they are the person they are looking for or if they know the whereabouts if the lost customer.
Experian are able to help you identify and trace new/old tenants before they are sent to a Debt Collection Agency, which will incur a much higher cost. To find out more about our Tracing solutions and enriching your data, please contact us at email@example.com.
* FCA Consumer Credit Sourcebook 7.13.4