Michelle,
I am looking into opening a collection agency in Buffalo, NY and purchasing portfolio’s of debt to collect. I am wondering what type of license I need to be able to do this. I just need to know what I need to do to be able to purchase debt and collect on it in regards to licensing.
Thank you – Joe
Dear Joe,
If you have a copy of the 3rd edition of Starting a Collection Agency, how to make money collecting money, there is a chapter that lists each state, if licensing and/or bonding is required and full contact information on who to contact to start that process. Including mailing address, name of a person who can help you, email, phone, fax and websites. It is listed by state.
In order to purchase debt you can check out www.InsideArm.com and also join Credit & Collections networking groups to find sellers of debt, check out the yahoogroup Credit & Collections – you can sign up for free. also check out credit and debt collection social networking sites. and check out blog posts specific to debt buying.
Remember that if a license and bonding are required in any state, the one you are located in or the ones you are collecting in, you must be licensed and/or bonded to legally do 3rd party debt collections in those states as well as where you are located.
Michelle Dunn, author of Starting a collection agency, how to make money collecting money available now!
