What is a Collection Agency?
A collection agency is a business that attempts to collect financial payments on debts owed by individuals or businesses. Most collection agencies operate as agents of creditors and collect debts for a fee or percentage of the total amount collected. Most agencies use a variety of methods to track down and contact debtors including making personal phone calls, sending an email, and postal mail.
Many private detectives offer collection agency services, financial investigations, forensic accounting, and asset searches to their clients. A wide variety of helpful books are available on the subject to help you build knowledge and skills in this area.
This type of business can be challenging, as people seldom want to hear from someone who is trying to “take” their money. Debtors will often ignore phone calls, refuse to open their mail, and file complaints with state organizations, even if they know they legally owe the debt.
Some debtors may even hire an attorney and attempt to sue you, so it is important to understand how to operate within the legal constraints of the law. However, collecting money for others or yourself can be a profitable business if run properly.
List of Collection Agency Books
The following books explain the ins and outs of starting your own debt collection agency. These books will help you:
- Understand the purpose of a collections agency
- Learn the types of services offered
- Learn the different types of debt a collection firm will attempt to recover
- Learn about the laws and rules governing the activities of collection companies and debt recovery businesses
- Learn how to start your own company or offer services to your clients
This handbook explains how businesses can make more money by collecting money more efficiently from their customers. It explains how to create or improve an official credit department, implement credit policies and procedures, and the types of debts to avoid.
It also includes information on the relevant state and federal laws that apply to such practices.
This book was written by an attorney with extensive experience in the industry. Read case citations and sample complaints to learn first-hand accounts in similar situations. It is designed to help people who have been targeted and harassed by collection agents.
The book will help you understand your rights under the law and the circumstances in which you could actually sue the collector for inappropriate or illegal behavior under the law.
How to Start a Home-Based Collection Agency – Book
A step-by-step guide to establishing your own debt collection business. Learn how to set up your own home-based business to collect debts as a full business or as part of your existing private investigation practice.
Buy these and other Collection Agency Books at Amazon.com and check out other Private Detective Books.