Probate collections is playing an increasingly important role in debt collections for two main reasons:
Inverse Growth
Population over 65 years of age between now and 2060 will almost double while the percentage of younger population will decrease.
Increasing Debt
Continued increase in senior households with debt.
Probate collections is playing an increasingly important role in debt collections for two main reasons:
Inverse Growth
Population over 65 years of age between now and 2060 will almost double while the percentage of younger population will decrease.
Increasing Debt
Continued increase in senior households with debt.
Demographic changes impacting debt collections.
Currently, middle-aged population, between the ages of 35 and 64 years, holds the highest average debt in the US (Source: Federal Reserve Bulletin, Sep 2017). However, the middle-aged population is projected to shrink in size from 25.8% to 24.7% between 2016 and 2060. In the same period, the senior population, 65 years and older, is the only segment growing and is projected to almost double in size from about 49 million to over 95 million.
For the first time in US history, adults 65 and over, are expected to outnumber children by 2035. By 2030, people 65 and older, are estimated to be over 20% of the total US population (Source: National Census Bureau).
For the first time in US history, adults 65 and over, are expected to outnumber children by 2035. By 2030, people 65 and older, are estimated to be over 20% of the total US population (Source: National Census Bureau).
Projected US Population (65 & older) in millions.
Source: US Census Bureau
Average debt held by seniors continues to increase.
People, 55 and older, are continuing to accumulate more debt. According to the Employee Benefit Research Institute, families with the oldest head-of-household are seeing the greatest increase. According to TransUnion, US consumers, 60 years and older, owed $615 billion of debt (credit cards, student loans, auto loans & personal loans) in 2017, a whopping 84% increase since 2010 and the most increase than any other age group.
The average total debt owed by the 60 - 69 age segment (who owed student loans) increased from $23K in 2010 to almost $34K in 2016 (WSJ, Feb 2, 2019). For the 70 and older segment, the number jumped from $21K in 2010 to $27K in 2016.
The average total debt owed by the 60 - 69 age segment (who owed student loans) increased from $23K in 2010 to almost $34K in 2016 (WSJ, Feb 2, 2019). For the 70 and older segment, the number jumped from $21K in 2010 to $27K in 2016.
1992
2010
2016
Percentage of American families (with head-of-households 55 years or older) with debt.
Source: Employee Benefit Research Institute (EBRI)
Student debt owed by adults 60 years and older.
Source: WSJ
Average debt held by seniors continues to increase.
People, 55 and older, are continuing to accumulate more debt. According to the Employee Benefit Research Institute, families with the oldest head-of-household are seeing the greatest increase. According to TransUnion, US consumers, 60 years and older, owed $615 billion of debt (credit cards, student loans, auto loans & personal loans) in 2017, a whopping 84% increase since 2010 and the most increase than any other age group.
The average total debt owed by the 60 - 69 age segment (who owed student loans) increased from $23K in 2010 to almost $34K in 2016 (WSJ, Feb 2, 2019). For the 70 and older segment, the number jumped from $21K in 2010 to $27K in 2016.
The average total debt owed by the 60 - 69 age segment (who owed student loans) increased from $23K in 2010 to almost $34K in 2016 (WSJ, Feb 2, 2019). For the 70 and older segment, the number jumped from $21K in 2010 to $27K in 2016.
1992
2010
2016
Percentage of American families (with head-of-households 55 years or older) with debt.
Source: Employee Benefit Research Institute (EBRI)
Student debt owed by adults 60 years and older.
Source: WSJ
Probate collections is very effective. But how do you locate the estates to file your claims?
Filing claims against a probate estate is one of the most effective methods of debt collections. There were over 2.8 million deaths in 2017 (according to the National Vital Statistics Report) and tens of thousands of estates are filed every month. These estates are filed in over 3,200 probate courts all over the country. Each court has unique rules and methods for accessing estate filing data. Estates are sometimes filed at the place of death and sometimes where the assets are located. Given this enormously confusing landscape, how do you locate an estate?
Once an estate is filed, the clock starts ticking…
Claims against an estate must be filed in a timely manner. Hence, time is a critical factor for your probate collections to be effective. You need a tool that can navigate the labyrinths of over 3,200 courts to locate estates for your delinquent accounts and the tool needs to be efficient and cost-effective.
Solution: The Probient Probate Probe
Whether you have a few accounts or hundreds of thousands of accounts, our Probate Probe solution enables you to locate the estates and obtain filing information.
Probate Probe is a proprietary solution combining state-of-the-art technology, search methodologies and operational processes enabling us to search and compile probate data across the country. Probate Probe is one the most cost-effective solutions in the country.
Probate Probe is a proprietary solution combining state-of-the-art technology, search methodologies and operational processes enabling us to search and compile probate data across the country. Probate Probe is one the most cost-effective solutions in the country.
Solution: The Probient Probate Probe
Whether you have a few accounts or hundreds of thousands of accounts, our Probate Probe solution enables you to locate the estates and obtain filing information.
Probate Probe is a proprietary solution combining state-of-the-art technology, search methodologies and operational processes enabling us to search and compile probate data across the country. Probate Probe is one the most cost-effective solutions in the country.
Probate Probe is a proprietary solution combining state-of-the-art technology, search methodologies and operational processes enabling us to search and compile probate data across the country. Probate Probe is one the most cost-effective solutions in the country.