Ways to Use Social Media For Note Investing Due Diligence

[Tracy Z. Rewey]

I heard an interesting statistic at the IMN Note and NPN conference last week. One of the panelists (Jeff Freud with United Asset Management) mentioned they had found something like a 20% improved chance for getting a note performing when a payer was participating in Social Media. Basically they run a Google search on a person and when it returns various social media profiles rather than just ads for skip tracing type sites they see that as a more positive indicator for performance. Of course it is just one of many factors but it made me curious...

How are other note investors using Social Media as part of their due diligence when buying notes?  We've used it to "check someone out" or help "find them" on a note with performance problems but this takes it to a different level.  Thoughts?

[Jay Hinrichs]

its a new age... one of my old friends has a little different NPN company.. he buys bad credit card debt that has been charged off by the credit card companies.. but not discharged in BK.. just uncollectable.

they buy that paper for anywhere from 1 CENT to 5 cents on the dollar.. then they where house it.

its a long incubation as they waite until 6 months before the 10 year judgement sunsets.. then they go after them.

it used to be only lexus Nexus  Like me they had an accuriant account. but now social media really outs these people.

I can see how that would work in the NPN space at least you can get to next of kin and others quickly and with a few key strokes