Can a debt collector work from home?
Under normal circumstances, in order to work from a residence, some states have specific requirements for debt collectors, such as requiring that the agency register an agent’s home address as a “branch office” with the state regulatory board. The regulation is currently valid for six months but could become permanent.
Are debt collection agencies profitable?
A debt collection business can be quite profitable and can operate from your home or office. The most important things needed to start a debt-collection business owner is obtaining customers and then finding the debtors. Aside from these, several additional items need consideration to start a debt collection business.
How much do collection agents make?
Debt Collection Agent Salary
| Annual Salary | Hourly Wage | |
|---|---|---|
| Top Earners | $41,500 | $20 |
| 75th Percentile | $34,000 | $16 |
| Average | $32,720 | $16 |
| 25th Percentile | $25,500 | $12 |
How do I become a collection agent?
To become a collection agent, most commonly, you may need a high school diploma and experience working in customer service or as a call agent. However, taking courses at a community level college or vocational school may improve your chances of success in the collection field.
How do you become an independent debt collector?
Start a debt collection agency by following these 10 steps:
- STEP 1: Plan your business.
- STEP 2: Form a legal entity.
- STEP 3: Register for taxes.
- STEP 4: Open a business bank account & credit card.
- STEP 5: Set up business accounting.
- STEP 6: Obtain necessary permits and licenses.
- STEP 7: Get business insurance.
Do collection agents get commission?
All in the Numbers. When consumers are not paying their debts, the companies that are owed call on the services of a debt collection agency. The agency charges a fee that is a percentage of the debt itself, usually between 10 and 50 percent, says Kiplinger.
Is collections a good career?
Do debt collectors make good money? Debt collectors can earn good money depending on their experience and success in the field. The state you work in often impacts how much you earn as a debt collector even more.