Nov. 5, 2012
-- 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. That's just a business transaction, like any other. Make an appointment with their office of debts, their CFO, or anybody else responsible for debt collection. They may well already have a debt collection agency, and you'll have to make them a better deal, which basically means paying more money.
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/wiki/Fair_Debt_Collection_Practic...
) and state rules you must follow in doing so.
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