“I won’t do business with anyone
I haven’t sat across the table with,”
He stressed asset buyers need to
know the people from whom they are
“Often buyers know little or nothing
about who they are doing business with,
and that’s a dangerous place to be,”
When entering into a new
relationship, it is essential asset buyers
learn about the seller—which means
knowing much more than seller’s name
and address. Inquire whether the seller
is a member in good standing of any
industry trade associations or groups.
Learn how many years the seller has
been an active participant in the credit
and collection industry. Ask the seller
to provide the name and contact
information of at least three other
companies with whom it has completed
transactions. Unless the seller is new to
the market, failure to provide references
may be a red flag.
A buyer can also request the seller
provide financial information about itself
to allow the buyer to make informed
decisions about the seller’s financial
strength and capability.
Buyers need to know not only about
the seller from whom they are buying,
but also who the previous owners of the
portfolio may have been.
“Many first-time buyers may not
recognize that they not only have to
know the company they are purchasing
from, but also the reliability and
integrity of all companies in the chain of
title,” Varrichio said.
Think you’re comparing apples to apples? Not all data providers have the most current information. Locate more debtors and increase your return Current addresses and phones Real-time data updates High-volume discounts and batching options INFORMATION SERVICESTM ACA09
Our Experian credit header data is managed in house giving
users faster search times and better results with no increase
in cost! Access to products that contain Experian credit
header data is restricted to certain Authorized Purposes.
to your current
A leading innovator of online
public record and skiptracing
databases, Merlin Information
Services provides superior
debtor location data.
Merlin’s first priority is
to provide the quality and
freshness of data essential to
the successful collector.
When to Say When
So how much due diligence is
enough? “Enough that you can
document to your satisfaction that all
offered or said is true and of value,”
She continued, “Due diligence
is similar to digging in sand for a
foundation. You dig until you hit
bedrock. It is on bedrock that a
Data solutions providing information
about people, businesses & assets.
Call Merlin for
a FREE trial!
November 2009 Collector I 21