How to Buy Debt Leads
Debt leads are lists of debtors that are compiled and then sold to debt collectors. These debt collectors may offer debtors incentives for repaying their debts, such as reduced payoff amounts or consolidation of multiple debts.
Buying leads can be risky. Hundreds of companies claim to have high-quality, reliable leads, but finding reliable sources involves some research and ultimately having full trust in the source of the leads.
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Instructions
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Research companies that specialize in generating debt leads from sources such as credit card companies and mortgage lenders. Check online for customer feedback about the company offering the leads. The Association of Settlement Companies suggests calling each debt lead company to see if it meets professional standards and offers information about what type of leads it sells and how its leads can be verified.
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Decide what type of debt leads to buy. Many varieties are available, but expanding into too many areas may make it difficult to find a reliable source. Debt Leads, a lead generation service, states that concentrating on companies that specialize only in debt leads will yield better-quality leads. Focus initially on one category of debt lead, such as debt settlement, debt consolidation or mortgage leads.
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Find out how the leads were collected. Clover Leads, a debt lead source, advises looking for companies that seek the lead's consent by email and web registration. Unlike single verification methods, this "double-opt-in" method ensures that the person wanted to sign up and is seeking debt consolidation or reduction of payoff amount.
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Contact professional organizations to check if the debt lead company you have selected is affiliated with them. Some of the largest professional organizations are The Association of Settlement Companies (TASC) and United States Organizations for Bankruptcy Alternatives (USOBA) (see Resources). Reputable debt lead companies have a professional affiliation with these companies.
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References
Resources
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