Many creditors fail to obtain information from a potential debtor which may be necessary in the collection process.
In order to maximize the successful collection of a debt, a creditor must make sure that it obtains the information which will help (a) locate the debtor and (b) locate his/her assets or sources of income. A creditor should, at a minimum, obtain the following information:
- Social Security Number
- Date of Birth
- Full name, exactly, with middle name.
- Exact address, with zip code.
- Employer’s name, address, telephone number, supervisor’s name and direct extension.
- Verification of employment signed by employer’s human resources department.
- Bank account information, with branch and account number for each account.
- Spouse’s name, if applicable.
- Telephone numbers for work and home.
- Signed authorization from the debtor to obtain credit reports, if applicable.
- If debtor is to guarantee another’s account, all information concerning the primary obligor.
- Most recent federal and state tax returns, together with W-2, K-1 or 1099 forms.
