How Social Media Can Affect Your Collections Department

December 19, 2018

What Information Can Be Found on Social Media?

The better question might be “what information can’t be found on social media?” Many debtors, whether an individual or a business, regularly post on social platforms and disclose information about themselves, their schedules and their potential income. A simple search on Google or Facebook can teach collectors a great deal about clients, including where they live, where they went to school and contact information. What other information can be gleaned from social platforms?
  • Status updates that reveal information about debts or routines
  • Photos and public posts about assets
  • Daily schedule information
  • Phone numbers and emails
Social networks also offer a behind-the-scenes look at what a debtor’s situation is really like. When speaking on the phone, they might paint a bleak picture of company finances. However, if they just posted pictures from their lavish holiday party, despite the unpaid $2,000 invoice owed to you, a very different reality might become apparent.

How Can You Use Social Media for Collections? 

  • Use a reverse email search on Facebook to locate a debtor and gain specific information. This is particularly valuable if someone has a generic name, like John Smith.
  • See where debtors “check in” on social media. This can be useful for seeing what debtors are up to and getting a gauge on whether or not what they are telling you is aligned with reality. Check-ins can also give you a glimpse at a debtor’s daily routine.
  • Sign up for alerts on specific names or company names so that you will be alerted whenever there is an article or blog posted.

What Are the No-Nos of Using Social Networks to Collect?

  • Never request to join a debtor’s social networks or friend request them on Facebook.
  • Do not initiate contact with a debtor using social media without making all necessary disclosures.
  • Do not use friends and family members to gain access to the debtor’s social networks.
  • Never publish a list of debtors who have outstanding debts on your social networks or any social network. A list can include “tagging” the debtors and not using their legal names.
  • “Catfishing,” or posing as someone else in order to gain access to the debtor’s information, is completely forbidden.

Partner with Alacrity Collections to Stay Informed About Your Clients

Alacrity Collections is proud to be a leader in collections. We achieve great results that are over twice the national average and treat all of our customers with dignity and respect. We work tirelessly to protect your brand and improve your net returns. To learn more about our offerings and get in touch, please Visit Us on Facebook, call us at 1-800-752-9663 or set up a phone appointment directly on our representative’s calendar via this link: www.calendly.com/hheemann. Remember to “like” our Facebook page to receive more informational posts about how to improve your cash flow.