Social Media is a game-changer when it comes to collecting debt, constantly opening up new avenues for collectors to locate debtors previously unreachable by traditional means. With more information available online than ever before, Cedar Financial can leverage advanced skip tracing techniques, combined with strong compliance training, to reach debtors where others may have failed in the past.
This year, China has released a new app that may turn the tables on debt collections overseas and increase recovery in that region. According to the Independent, the Higher People’s Court of Herbei in northern China launched the app as an add-on to the messaging service WeChat, showing users a radar revealing anyone who owes money within a 500-metre radius. Users are encouraged to blow the whistle on debtors they believe can afford to pay, but are shirking their responsibility.
China’s culture generally looks down on those who try to live beyond their means, while those who live a simple, frugal life are viewed in a more favorable light. Take these conservative values, combined with a more controlling, authoritative government, and the result is a highly controlled and monitored social media presence and “social credit system,” wherein everyday citizens become a method of surveillance.
While many may object to this intrusion into their private lives, one result is that local collections agencies may find it easier to recover delinquent debt in this region. With strong social pressure to pay their debts, and social media technology tracking their actions if they don’t, debtors may find it more and more difficult to avoid paying what they owe.
Cedar Financial is a leader in international debt collections, with local offices available in China, as well as Africa, the Middle East, Asia, the Asia Pacific, Europe, Latin America, the Caribbean and Canada. Cedar finds that local agents can achieve international debt collection with higher success rates by utilizing local laws and customs, as well as its powerful network of professionals, to dramatically increase your chances to recover debt from overseas.
Contact us today to learn more about how we can help you achieve your collections goals overseas, as well as in the domestic U.S.