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Follow on Google News | How do I purchase bad debts like a collection agency does? Or get a contract to collect bad debts?Once you've got your license, you go up to the places that hold debts (banks, credit cards, home lending organizations, stores that issue cards) and offer to buy their debts.
Debt collection agencies generally pay up front for the debts they buy, so you'd better have a lot of money. Your job is to give the company cash, at pennies on the dollar, so they get at least some money on their debts. Then you go out and try to get your money back by collecting from the original debtors. There are both federal (http://en.wikipedia.org/ Some companies don't pay cash up front, but simply outsource the debt collection for a company. You still need a license, and usually an insurance company to bond you. And you'd better have lawyers at your beck and call, because you're going to need to sue people (or even more importantly, threaten to sue people.) Visit us at www.debtsalesofamerica.com Or call us at 1-888-313-5110 End
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