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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
Overview of the debt collection business
What do debt collectors do?
- Definition of debt collector
- Debt collector tasks and responsibilities
- Debt collection practices
- Debt collection fee structure and agreements
Why start a collection agency?
- Benefits of starting your own agency
- Industry growth projections and average income
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
- Common licensing requirements
- State licensing requirements
- 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