Bad Debt Recovery
People often want to find local debt collectors when they've entered into promissory agreements with borrowers who have defaulted- when they need bad debt recovery. Lenders often want to find debt collectors who are both local and successful in being able to collect on a debt. Luckily, there are places which enable lenders who have a borrower default on a loan or agreement, to collect on a debt owed to you. Perhaps you have gone to court and got a judgment, but you aren't sure how to collect on the judgment. Or maybe you haven't gotten as far as collecting on a court judgment. Either way, getting a reputable company can help you collect on the debt or judgment owed to you.
Collect On A Debt
The absolute best way to find reputable debt collectors is by doing a search on your state's regulatory website. In most of the 50 states in the US, debt collection agencies must be licensed to do business and collect debts in the state. If you locate a debt collector online to collect a debt on your behalf, make sure they are licensed or better yet, search for yourself on your state's website. Local debt collectors who don't have to be licensed in the following states include the below:
- South Carolina
Using Attorneys as Local Debt Collectors
One of the other alternatives in finding local debt collectors for bad debt recovery in your area, is to use an attorney who specializes in your state's collection laws. Typically, local attorney's who specialize in debt collection, are also well versed in Federal collection laws as well. Additionally, they can navigate the court systems relatively quickly to get a judgment on your behalf and begin more aggressive collection activities which could include garnishments and the like. An attorney also knows how to intelligently look for a person's assets, especially when a borrower is hiding assets or putting assets in other people's name because they have defaulted on your loan.
The Alternative to Finding Local Debt Collectors
Sometimes finding a local debt collector isn't always the most economical option. Sometimes you can be your own debt collector. There are numerous sites which help you locate people and perform skip trace searches. Additionally, a site like KnowX, can help you look for people's assets on your own as well as last known addresses, without having a collection atorney or local collector working on your behalf. Make sure though, that you have a bonafide agreement and a judgement entered in your favor from a judge.
Though local attorney's and licensed debt collectors are the best options when trying to find a local debt collector, you can also act as your own collector when a borrower has defaulted on an agreement or loan. But remember, having a local debt collector or an attorney is most effective way to implement bad debt recovery.