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Starting A Check Collection Agency

Q.  I have been a collector for three years now. I have thorough knowledge about the consumer and third party collections. I would like to know how I would go about starting my own home-based collection agency. I need to find out about the check laws in Texas, the bonding requirements in Texas (I don't need a license to practice), and how to market. I already have some money and equipment that I have accumulated. I just need to know where to start. Please help! - Catrina,  Texas, June 2003

Advice by Nach Maravilla
Publisher, PowerHomeBiz.com

A. Dear Catrina,

Thank you for your inquiry and subscription to Power Homebiz Guides newsletter.

Since you have the experience and thorough knowledge of consumer and third party collections, and seem to love the business, you are indeed on the right track to think of establishing your own collection agency. Of course, you can start on a smaller scale by operating a collection office within the limits of the City or County where you are located. Then, as the business improve you can expand Statewide and maybe later, on a nationwide scale.

We found web sites where you may check all the Credit and Collection Laws in Texas. And best of all, we suggest that you consult a lawyer before you start on your own. There may be some legal items that you may have to discuss with a qualified professional to help and protect you and your future operation.

We also suggest that you check out the business division at your City Hall and inquire about the legal requirements of operating a collection agency like bonds, etc.

Here are web sites that may help you: http://www.lawdog.com/states/tx/st1.htm 

http://www.carreonandassociates.com/collectionlaws.htm 

Good luck!

About the PowerHomeBiz.com Guide: 

Nach Maravilla is the Publisher of Power Homebiz Guides. He has over thirty years experience in sales and marketing of various products, which covered as he jokingly describes, "from toothpicks to airplanes"  He also had extensive experience in International trading and he always excelled in special promotional ideas for  retail outlets. 

 

The opinions expressed in this column are those of the author, not of PowerHomeBiz.com. Users should not treat the Guide's response as legal, accounting, or professional advice as all answers are intended to be general in nature. Such advice can only be properly given by qualified professionals who are fully aware of a user's specific geographical areas or circumstances, such as an attorney or accountant.

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