Oh Where Oh Where Has My Borrower Gone Oh Where Oh Where Could He Be Skip Tracing Strategies ____

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Oh Where Oh Where Has My Borrower Gone Oh Where
Oh Where Could He Be?Skip Tracing Strategies____

• Elizabeth Herron, PEAC Moderator
• Byron Henderson, Louisiana Office of Student
  Financial Assistance
• John Jones, Verifind Solutions
• a division of PEAC

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With His Money so Short and His Debt so High, Oh
WhereOh Where Can He Be

• Byron Henderson
• Louisiana Office of Student Financial Assistance

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Skip Trace Prior to Repayment

• Causes of the Skip
• Little effort while in School or Grace
• Movement of Borrower/Change of School
• Emphasis on Borrowers Responsibility
• Pre-Emptive Efforts
• Intervention when change of school or drop out
• Exit Interview update to Demographic info
• Reference information update

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Skip Trace During Repayment

• Causes of the Skip
• Movement of the Borrower
• Incorrect information given
• Not priority with Borrower
• Pre-Emptive Efforts
• Update with each contact
• Provide on-line and telephonic updates
• Stress importance and consequences of default

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Skip Trace For Delinquent And Defaulted
Accounts

• Causes of the Skip
• Movement of Borrower
• Lack of motivation, Fear
• Pre-Emptive Efforts
• Update on each borrower contact
• Make updating info a requirement

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LOSFA Skip Trace Efforts

• History / Inventory
• Established in 1995
• 60 DP and 390 Defaults Skips
• Pre-Skip Efforts
• References, Phone numbers, Accurint Name
• Resolves 45 of potential skip accounts

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Life of a Skip

• Separate Database
• Phone numbers
• References / Letters
• Last School
• DMV, DOL, Corrections

• Comp Accurint
• Credit Bureau
• Letter to Possibles
• Hold 30 days
• Founds
• Skip Exhaust
• 6 month re-skip

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Skip Resolution

• 83 Found Rate
• Defaulted Accounts
• 89 Found Rate
• Default Prevention
• Accounts

• Credit Bureau - 25
• DMV, DOL 19
• Accurint 17
• History 16
• Borr, Ref, Emp 10
• Correspondence 9
• Lender 4

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• Under a Rock or gone for a ride, they can run if
  they want but they can not hide.

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You looked under the rock, got taken for a ride.
You searched and searched but they managed to
hide.

• John Jones, Verifind Solutions
• a division of PEAC

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When youve tried and tried but they still
managed to hide

• References, References, References
• 6 found not using references
• 74 found using references in the file
• 20 found using purchased references
• Should you skip trace References
• 11 of ALL locates come from info gathered from a
  reference after performing Directory Assistance
  Skip Tracing on non-locatable references

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Reference Phone Presentation

• Right Party Reference Contact
• Hello, may I speak to (reference first name)
• Mr./Ms (reference last name), my name is (TSR
  full name), Im calling from (company name) in
  reference to (target subjects full name).

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Reference Phone Presentation

• Wrong Party Reference Contact
• Hello, may I speak to (reference first name)
• Maybe you can help me, my name is (TSR full
  name), Im calling from (company name) in
  reference to (target subjects full name).

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Reference Phone Presentation

• We are in the process of updating some of (target
  subjects first name)s records from college and
  the address and phone number we have for them is
  no longer valid. He/she listed (you OR Mr. Ms.
  target references last name) as a reference when
  they enrolled in school so we are hoping you know
  how to get in touch with him/her.

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Keys to Reference Calls

• The Gatekeeper is your Best Friend
• Be friendly
• Matter of Fact
• Legally Informative

• Dont Discuss Loan
• Prepare Rebuttals ahead of time
• Monitor/Coach for Compliance and Training

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Questions?
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Thank You! _____

• Elizabeth Herron, PEAC Moderator
• Byron Henderson, Louisiana Office of Student
  Financial Assistance
• John Jones, Verifind Solutions
• a division of PEAC