rahul
(a)
(1620 Points)
Replied 21 October 2018
State licensing agencies for repossession agents may require that applicants complete a training program to qualify for a license. The coursework may cover laws and regulations regarding the repossession of property, rights of the property owner, and licensing eligibility.
Another state licensing requirement is a criminal background investigation. The background investigation requirements may include searches by the Department of Justice, state police, and the Federal Bureau of Investigation. New hires in a collection agency may be required to submit fingerprints.
State licensing boards may require experience as a repossession agent to qualify for a license. Collections agent employers may also require experience for a position with an agency. Experience can include work as an apprentice repossession agent in a collection agency. Some employers may require knowledge of the finance and credit industry for a position as a collections agent. According to the U.S. Bureau of Labor Statistics, collections agencies usually provide on-the-job training for collections and recovery agents.
When ready to apply for a state license, states may require applicants to provide the following: fingerprints, proof of work history, authorization for a background investigation, and proof of completion of a state-approved education or certification program. In addition, recovery agents must pay a fee to the state licensing agency.
This career may also require the agent to obtain a surety bond to protect against unforeseen incidents while collecting property. State licensing boards may require a surety bond for a specific amount to qualify for a collections agent's license. A surety bond is an insurance policy that protects the property owner and repossession agent against damages caused during a property recovery. Repossession agents working in an agency may be covered by their employer's surety bond.
There is some room in this career field for advancement. After several years of experience, a collections agent could potentially open their his or her own collections agency. An experienced agent could also take on an apprentice, so as to prepare an up-and-coming trainee for the business.
Working as a recovery agent necessitates that the individual meet a few requirements: a high school diploma or GED, experience in this line of work, and a state license. These agents need knowledge of repossession laws and the credit industry in order to locate and return property to a legal owner.
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