You must first review the laws governing judgment recovery in your jurisdiction in order to become a judgment recovery specialist. In some states, becoming a judgment recovery specialist does not require any special licensing. Some jurisdictions, on the other hand, may require you to go through a special licensing process and register your company as a collection agency. It is possible to receive your training through distance learning courses, though on-the-job training may also be possible. Learning skip tracing techniques, judgment collection strategies, and relevant laws and regulations for collecting a judgment in your area are all part of the training to become a judgment recovery specialist.
In many places, a person who wins a monetary judgment in court is left to collect what he or she is owed on his or her own. The successful plaintiff, known as the judgment creditor, must approach his or her judgment creditor for payment. If a creditor refuses or is unable to pay what he or she owes, the creditor will have to take additional steps to collect the judgment, which can be a lengthy and costly process. Some judgment creditors entrust the collection of their debt to a judgment recovery specialist, who is paid a percentage of the debt he or she collects on behalf of the original creditor.
There is no single path to becoming a judgment recovery specialist because laws and regulations differ by jurisdiction. Instead, you’ll need to be trained in accordance with your local laws. If you live in a state where professional judgment recovery is not regulated, you may only need to obtain a standard business license. You’ll also need to learn how to track down debtors and their assets, as well as how to work with the court system to get the debt paid.
To become a judgment recovery specialist in some areas, you may need to register and license your company as a collection agency. The laws that govern collection agencies are frequently complicated. Collection agencies in the United States, for example, are governed by both federal and state laws. Collection agencies may be required to be bonded in addition to complying with a variety of laws and regulations. If you live in an area where this type of license is required, you can expect a much more difficult and costly process to become a judgment recovery specialist.