Collecting debt from an individual or business can be a difficult undertaking, especially if your information on the debtor is limited. The options for retrieving owed money are extensive, but without prior knowledge of the debtor’s financial situation, they can be costly and inefficient with the potential of very little reward.
One of the ways to increase the efficiency of debt collection from individuals and businesses is to get a status report. Obtaining a status report will provide you will more information about a debtor, all in accordance with the Data Protection Act 2018 and the Human Rights Act 1998.
A status report, or pre-sue report as it is often called, is a written report on the financial affairs and current status of a debtor, which can be either a business or an individual.
The report can include a lot of information about the debtor, such as:
- Date of birth and name
- Current and previous addresses
- Estimated worth of properties
- Credit history, bankruptcy status, insolvency
- Employment status
- Company connections
- Marital status and dependents
- Additional information of interest
When do you need a status report?
As the purpose of a status report is to provide a clear overview of a debtor’s financial status, the report is often helpful prior to any legal action being taken against the debtor, where the costs of pursuing a claim for money owed can begin to get expensive.
The report provides invaluable information that can be used in the decision-making process of determining whether it is worth taking legal action or not. With the information in the status report, a better understanding of the debtor’s bankruptcy susceptibility, ability to make payments, and potential of their adherence to financial obligations will be obtained.
Getting a status report early on in the process of debt recovery could save you considerable time and money by helping you to avoid pursuing claims where the debtors are unable to repay what they owe.
How Able Investigations can help
Getting a status report is a very simple process that we can help you with at Able Investigations by creating the report on your behalf. Our investigators are vastly experienced in creating in-depth status reports, using multiple databases, that provide extensive information on the current financial standing of individuals and businesses in the UK to trace debtors.
Each report that we create on a client’s behalf is different, with the information that we gather tailored to the exact requirements of the individual situation. We can compile information on past and present contact details, financial status, employment status, and additional information that may help you to make an informed decision over whether it is worth taking legal action.
If you would like more information about the contents of status reports or how Able Investigations can produce detailed legal status reports about your debtors on your behalf, then please contact us today by calling us on 0345 366 0000, using our contact form or you can email us.