Page 27 - Judgment Enforce Course_Neat

Judgment Enforcement – The Step-by-Step Course

I would not put “collections” in my business name. And, even though I have

“judgment” in my business name, if I had to do it over, I’d leave “judgment” out.
Or, if I had it on a website, I’d get 2 websites with the 2 different spellings of
“judgment.” 1) judgment, and 2) judgement (the British spelling which is so
common in this county).

Step 3: Getting Your Business License, and (maybe) a Collections License

UDo You Need a Collections License?
Many states have no special licensing requirements to enforce judgments. Some, such

as Arizona, require you to get a collections license. Some states require a collections
license ONLY IF you take “consumer judgments”. (I’ll tell you more about consumer
judgments, and why you don’t want them anyway.) Illinois and Colorado are examples of
this.

Are we collection agencies? Not in my view. We don’t write the JD and call the JD’s
and tell them that they really are very bad and should pay. No: We locate assets. We direct
the sheriff to take them.

And, we don’t have 10’s of thousands of judgments trying to get money for 17%, like
collection agencies do. No percentage game for us. Everything on my desk is doable to me.

If you’re not sure about what’s required in your state, you can Google it. When you do,
you want the answer to 3 questions.

1. Does my state have collection agency licensing at all?

2. Is it required, or optional?

3. If required, is it only required if we take consumer judgments?

For example: Colorado has collection agency licensing. But if you Google “Colorado
Collection License definitions” you’ll find it says this:

(3) (a) "Collection agency" means any: Person who engages in a business the
principal purpose of which is the collection of debts.

Based just on that, yes, a collection agency license is needed for everyone.
But wait! What is the definition of creditor?

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