The economic slowdown makes life difficult for individuals because the loss of jobs becomes the norm and money becomes scarce. Most of the time when people lose their work, they cannot repay their fees for various fees such as house loans, personal loans, credit card fees and the like. Banks have no choice but to start their collective process. Sometimes people move into the city or move out of the city, and banks are difficult to pursue them.
But if you think you can run and hide in front of the bank, think about it again.
Banks are increasingly using skip tracking tools to pursue those people who skip payments. Join the conversation of Ravi and Ajay, two imaginary helpers created by _FIRSTPOST, and discuss them about the skip and why you can do it, but do not hide from your bank.
Ajay sits in a café waiting for Raj. Even if he waits, he changes the SIM card of his mobile phone. Ravi goes in … ..
Ravi: Hey, what about the new Sim Buddy?
Ajay: Nothing, just change my cell phone number.
Ravi: And why would that do about everything in the world?
Ajay: Well, you know that I have now been released for months, I am still looking for a job. And cannot pay my personal credit, car loan and credit card fees. These bankers call all the time and remind me of making payments. So I thought I could just as well change my cell phone number and get rid of it.
Ravi: You will reach you at home.
Ajay: Not really, my lease is almost over and I will shift to a new place. Banks can never grab me.
Ravi: You have to joke. Please tell me that this is a joke.
Ajay: Why should I joke, I am financially stressed and have skipped payments? I have to look for a job, the last thing I want is to deal with recovery agents.
** Ravi: ** and you think you cannot understand your banks after missing payments.
Ajay: Hey Chill Ravi, I plan to move to the city, but if I can't work here, I could simply go to Bangalore or in another place. Worse worse, I could just go home.
Ravi: No matter how much you walk, you can never hide. Banks use SKIP tracing tools to find them.
Ajay: Ski … skip … what?
Ravi: Simply expressed, skip tracing is the process of finding a person's whereabouts. The term “skip” refers to the person looking for and leaves no evidence back to “skip” to follow a new place.
Ajay: Great scott. I had no idea how the ** &^&% Skiptracing tool works.
Ravi: Let us assume that you have three debts that you didn't pay. First, from HDFC Bank, second from Kotak Bank and the third of Indusind Bank. Now these people are looking for them, but they cannot find them according to their James Bond Casting Act.
Ajay: Sounds good, keep going.
Ravi: Let's assume you are moving to Banglore for the new job. That means you now have a new address and a new number in Bangalore. And they are looking for the three banks in Mumbai.
Ajay: That's exactly what I said, iron stone.
Ravi: You know that these three banks have access to your credit with Cibil, Equifax and the like.
Ajay: Of course I know that.
Ravi: Now let's assume that you apply for a new credit card in Bangalore with the new address and the mobile phone number.
Ajay: Yes, I plan to apply for a new card with Citibank.
Ravi: Yes, so these three banks use the services of the Skip tracing tool of the loan office to receive their new contact details.
Ajay: I didn't understand it. Please explain.
Ravi: So if you apply for a new credit card at Citibank, update this information with the loan office. The loan office will carry out some search and match with algorithms and identify them as the same person who has overdue debts with the three banks in Mumbai.
Ajay: Ah, I understand it. If the three banks use the loan office services for skipping me, you will receive information about my new location, new address and new mobile phone number.
Ravi: Yes, and since these lenders have access to their latest updated contact information, their collective activities in Mumbai are stopped and contacted in Bangalore for the recovery process.
Ajay: But how can loan offices match?
Ravi: Well, there are special products for skip tracing products such as Cibils “Locate Plus” and Equifaxs “Implementation contact”. As I said, they have search and agreement with algorithms. You match your Pan number, your date of birth, the card number of the voter, your permanent address and a number of other solid data.
Ajay: Makes sense, I can change my address and cell phone number. Not my date of birth, the girl's name or the mother's pan.
Ravi: Do not forget that banks have become very strict with KYC standards, and this makes handover tracking easier.
Ajay: HMN ….
Ravi: Remember that the data quality that banks offer is also increasing. And every day it could be easy to run in front of recovery agents, but not to hide.
Ajay: I have also heard that these recovery people follow Defaulter's social networks such as Twitter and Facebook to know their whereabouts.
Ravi: I know that you go through a difficult time, but skip or change the payments or change the mobile phone numbers is not the solution.
Ajay: But what can I do?
Ravi: I suggest that you visit a debt consultancy that most of you offer your services free of charge. You will lead you to this problem.
Ajay: Makes sense, after all, I can only run from my lenders, but never hide.
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