How to start a
Collection Agency
Our ebook guide will take you through all the necessary steps required to open your own collection agency. The information covers all 50 states!
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What's inside?
An overview of the debt collection business
A breakdown of expected costs
A look to the licensing requirements in all 50 states
Information on collection agency bond requirements
Table of Contents
Introduction
Overview of the debt collection business
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What do debt collectors do?
- Definition of debt collector
- Debt collector tasks and responsibilities
- Debt collection practices
- Debt collection fee structure and agreements
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Why start a collection agency?
- Benefits of starting your own agency
- Industry growth projections and average income
Getting Started
- Considerations
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Requirements to launch your business
- Legal requirements to launch your business
- Practical requirements to launch your business
- Expected expenses
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Study state and federal laws
- The Fair Debt Collection Practices Act
- The Fair Credit Reporting Act
- The Health Insurance Portability and Accountability Act
- The Gramm-Leach-Bliley Act
- The Telephone Consumer Protection Act
- Applicable state laws
Getting licensed
- Common licensing requirements
- State licensing requirements
Getting bonded
- Why is the bond required?
- What determines the cost of getting bonded?
- How much does it cost to get bonded
- Understanding and avoiding claims
Financing your collection agency
About the Author
Todd Bryant is the President and CEO of Bryant Surety Bonds. He frequently shares his expertise on everything related to licensing and bonding requirements in an effort to help aspiring entrepreneurs
Bryant surety bonds
Bryant Surety Bonds is a surety agency with a long track record of assisting auto dealers get bonded in all 50 states.
We get a great number of bond requests from Texas and, over the years, we became experts in the field of auto dealer bonds. This is why we decided to share our expertise and provide this free resource on everything related to starting a car dealership in Texas.
Mr. Bryant's pieces have been featured in publications such as: