As a representative of law enforcement agencies or financial institutions, a recovery agent tracks down people or property. Before a recovery agent can practice in a specific area, they must usually complete a training course and obtain a license. Some have a law enforcement background, while others do not. This work can be difficult and even dangerous at times.
Tracking down people who have failed to appear in court after paying bail is one aspect of a recovery agent’s job. These individuals are said to be “skipping” bail. When a bail agent pays bail on behalf of an accused person, the bail agent may hire a recovery agent to track down the fugitive. While bail agents do require collateral in order to issue loans, there are times when the entire loan is not recoverable, and the bail agent has a vested interest in recovering the funds. These recovery agents must be able to track people effectively so that they can be apprehended and brought to justice safely.
Lenders also hire recovery agents to recover property used as collateral for a loan. When a borrower defaults on a loan, recovery agents typically repossess cars, boats, and other property purchased with the loan. Borrowers may try to hide movable property if they believe a recovery agent is on the way. As a result, even if the borrower has changed the property in some way, recovery agents must be able to track it and verify its identity.
In addition to tracking skills, recovery agents can benefit from networking abilities, which allow them to gain access to data that can be used to locate people and property. Recovery agents must be able to act quickly in dangerous situations, which necessitates good observational skills and alertness. The recovery agent or bystanders in the area may be injured if the danger is not recognized.
Some recovery agents work independently, while others are employed agencies. They are usually compensated as a percentage of the total amount recovered. Because the work does not always include expenses, recovery agents are sometimes able to take a loss on a particular job. Working for an agency can provide a steady stream of work as well as perks such as the use of a company car, but agency agents earn less per job, which must be considered when weighing career options.