Banks and loan agencies are introducing new skip trace tools that will assist them in catching the loan defaulters easily. It has been reported that loan defaulters easily use to hide themselves by changing their places, but now no longer the loan defaulters can hide themselves.
Banks are increasingly employing skip-trace, a method to extract and analyse creditor information that was difficult to obtain before. Skip trace tool allow users mine their repositories for alternative contacts and business locations of an existing customer, and give insights into his credit relationships and payment behaviour. This will be done by analyzing the user details such as contact number, address details which will assist the lender to trace who has defaulted.
Even if the defaulter changes his place he will be caught, If the defaulter uses the same name and identity proof like his PAN number, the system will identify the fraudster.