How Can I Get Into the Debt and Judgment Collection Business?
If you want to get into the debt and judgment collection business, it helps to have debt collection experience. Sometimes you need to make phone calls and send out letters to past-due debtors. You should also be familiar with the Fair Debt Collection Practices Act, put into place to govern the debt collection activities of third-party debt collectors (collection agencies). You also need access to attorneys familiar with debt collection and litigation. Read about the state laws and regulations in the state where you will start your business. This process will help you find out what legal requirements you should meet. Every state has it own requirements regarding licenses and permits you will require in order to do business. Purchase the necessary software that allows you to report individual debtor’s accounts to the credit-reporting agencies. When you can report an account as past due it helps serve as a collection tool. Some debtors will offer to pay their debt in full if bad credit ca
