Some legal aspects of starting a debt collection agency

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There is a lot of legal stuff that every business needs to undergo before commencement. With debt collection agencies, these legalities are a bit complex and a lot more important. The job of debt collection agencies is to collect debts on behalf of their clients or to buy debts from clients and collecting it for themselves. When to start a collection agency is a question that pops up in every aspirant’s mind. If you are also planning to do so, it should be done only after completing the following processes-

  • Get a business license

A lot of countries do not require you to have a license for debt collection. You need to check if your country or state requires it or not. If yes then fill the form for it and they will perform a background check on your profile for any past criminal record. You will also need to submit some kind of document that can describe your net worth. After that you will need business insurance and you will easily get your license.

  • Get familiar with laws regarding debt collection

It is better to go through the laws regarding debt collection in your locality so that you can plan your business accordingly. It is better to consult with a commercial solicitor or an experienced debt collector to get a better look into the legal obligations of a debt collection firm. You will need to avail a taxation number and even register your firm in government records before you can apply for the license.

  • Collection agency bond

Before starting your firm, a collection agency bond is a must have document. Your business will not be considered legal without this even if you have a license. This document is provided by the central government and if you don’t have this you will also miss out on any government rebates or concessions for such businesses.

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