What is a Collection Agency?
A collection agency is a business that attempts to collect financial payments on debts owed by individuals or companies. Most collection agencies operate as agents of creditors and collect debts for a fee or percentage of the total amount collected. Most agencies use various methods to track down and contact debtors, including making personal phone calls, emailing, and postal mail.
Many private detectives offer their clients collection agency services, financial investigations, forensic accounting, and asset searches. Many helpful books are available 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 trying to “take” their money. Debtors 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 essential to understand how to operate within the legal constraints of the law. However, collecting money for others or yourself can be profitable.
List of Collection Agency Books
The following books explain the ins and outs of starting your 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
Ultimate Credit and Collections Handbook
The Ultimate Credit and Collections 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.
Collection Agency Harassment: What the Debt Collector Doesn’t Want You to Know
An attorney with extensive experience in the industry wrote the Collection Agency Harassment book. Read case citations and sample complaints to learn first-hand accounts in similar situations. It is designed to help people targeted and harassed by collection agents.
The book will help you understand your rights under the law and the circumstances in which you could sue the collector for inappropriate or illegal behavior under the law.
Buy these and other Collection Agency Books at Amazon.com and check out other Private Detective Books.
You made a good point that when it comes to hiring a debt collection agency’s services, it is best if I am aware of what I can and cannot do legally. I’m planning to loan one of my properties to one of my acquaintances who is in quite a financial bind right now but I can’t see how he will be able to repay me with the amount of time that we agreed upon. Perhaps if he’s already overdue by two months, I’ll considering hiring a debt collection service.