Skip Tracing and repossession epitomize debt collection resourcefulness in many ways. A skip tracer is provided with some basic information and the rest comes from his/her wits and selfmade network. Property must be repossessed after it has been located. This is where applying one’s know-how is truly put to the test as many things can happen when in the field.
Collection Advisor shines the Agency Spotlight on Repossessors Inc. and its owner, Chad Latvaaho, asking him what he thinks every skip tracer/repossessor needs to know.
How did you get started in skip tracing?
I started repossessing when I was eighteen years old. I worked for that company for a couple of years. The owner of the company used to repossess cars in the field, he was not much for working in the office.
One day his vice president took me out to lunch and informed me that the owner was very jealous of me because I could recover more cars than he could. She then told me that I should look for a new job.
About one month later I received a call from a major lender. He asked me if I would consider opening up my own repossession company. I then told him that I loved the repossession business and I would like to start my own however that would require money I did not have. He then gave me an offer I could not turn down. They gave me a zero interest loan for $100,000 that was only to be paid back if the business made money. I then worked very hard and the business started to grow. I became a great skip tracer and that really helped this company. Four years later I bought the company I used to work for and the owner of that company then came to work for me.
What is your philosophy when it comes to establishing and maintaining contacts?
Our methods include visiting clients and networking events. Performing well leads to referrals to new/other clients.
What is the most valued technology in the skip tracing/recovery process?
The most valued technology in the skip tracing/recovery process is social media.
What is an often overlooked but extremely important skip tracing/repossession technique/ process and why?
An often overlooked but extremely important skip tracing/repossession technique is using the telephone and gathering information from a personto- person contact. The Internet and advanced available tools make it is easy to overlook or underutilize the process of calling people for information.
Describe a particularly challenging case and how you managed to overcome it.
A recent case that was challenging involved a person that was moving once about every two weeks. Using free info on the Internet, we contacted all of the people they were in recent contact with until finding somebody that was willing to talk.
What can a skip tracer do to improve the collection/ repossession industry’s reputation?
Follow the FDCPA guidelines. When talking to references and debtors, treat them like human beings. Treat them how you would like to be treated. Remember that you may have to contact them again and that you are representing your agency and your client. Your actions can reflect their reputation as well as your own.
What is one of the worst mistakes a skip tracer/ repossessor can make and how do you avoid it?
One of the worst mistakes a skip tracer/ repossessor can do is take an assignment/ failure personally. You have to train skip tracers and repossession agents that what we do is very sensitive. It involves taking personal property from a person and that you cannot control how people going through financial hardships are going to react. Most of the time they are not going to be happy. We don’t get thanked for doing our jobs very often. You have to approach the recovery process that you do and do the very best you can. Realize that at some point you will resolve the assignment and there are more out there coming.
What is one tip you would give skip tracers/repossessors in the current skip-tracing environment?
Use all tools available to you. A lot of the best information is free and easily available.
What do you like to do in your free time?
I love to hunt and fish with my son along with hiking and biking.