Lundi 6 septembre 1 06 /09 /Sep 15:37

Many People might think that forming a collection agency is a daunting task, but wait!! It is not. It is really simple to form a debt collection agency and start collecting on debts. Lets see how we can form our own fully functional debt collection agency at home, with mininimum investment.

First and important thing you should know about is Debt collection, what is it really, how it is categorized, what is the best collection that you can do, Is debt collection well suited to you etc.,

You can choose between the consumer debts and the commercial debts. (read on web about it)

 

2. Second thing is you have to get ready to learn some laws.. yes laws.. but you don't have to learn to become Juris doctor though ;) .. Learn about FDCPA, FCRA, FCBA, FACTA, GLBA, and all other Federal Trade Commission Rules and regulations regarding Practicing debt collection.

 

3. Now, that you are familiar with the laws. Its the time to plan where to setup the collection agency. It basically depends how you want to to run the agency, from home or office. If you are planning to do it part-time then home is best idea at start up.  Arrange all the office equipments that you think will be necessary like computer, Dedicated telephone line (if you want to be professional I will recommend a dedicated line so that there is no interference with your home phone line etc). Get the data management tools for record keeping, at beginning you can get all the free software for it or you can put manual records as well on paper. Security is Important though. Create a website as it gives online presence of your company in this cyber age.

 

4. You got the office. Now register. Register the company as a debt collection agency dealing in either Consumer or Commercial debts. You can form your company with the Secretary of state with nominal fees. Determine how you want to run it as LLC,LLP (if it is in partnership), Inc etc., Also please check the Surety bonds and licensing requirement for collection agency in your state as it varies state by state.

 

5. Now that you have your company registered, got your space allocated and learnt some law as well it is time to get some clients who will give you the debt accounts to collect on. Now it depends upon the convincing power you have to get it as you are new in the market but keep on researching and advertise online about your agency. You can post your ads here as well (collectionpost.com) and get the clients who will be interested in dealing with you. Contingency is the method they apply generally where they pay you % of the debt collected. Give your 100% to get the first deal and then other deals will follow flawlessly.

 

So start looking for clients now!!! All the best with your new Collection agency!!!

 

CourtesyX : www.collectionpost.com

 


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