Debt recovery agent is a job profile which has become a much sought after choice in recent years. Many people are opting for this new career option. People desirous of pursuing this profession need to possess good communication skills along with the ability to negotiate and investigate.
How To Become A DRA
If you are eligible , DRA Training will be provided to you. The basic requirements for becoming a DRA are a high school certificate along with some years of experience.
.You will also need to furnish a license and certification. You must also possess knowledge of repossession laws and credit industry to prove your mettle as a successful recovery agent. The pay scale ranges from $40,885 for collection specialists to $34,4409 for bill collectors.
Debt Recovery Agent Training Consists Of The Following Steps-
Applicants must complete a training program. Only after the Debt Recovery Agent Training they will be eligible for applying for a license. The course covers laws concerning property repossession, rights of the property owner and the eligibility of licensing. Dra institute provides training according to the guidelines specified by the industry.
A significant requirement in the training is background verification.
The license is awarded only after ascertaining that the applicant has no criminal record. The record of the applicant is scrutinized by the department of justice, police and federal bureau of investigation. Newly appointed agents may also be required to submit their fingerprints.
The applicant should possess a certain amount of experience for getting a position in the company. By experience, we mean work as apprentice repossession agent. Some employers look for knowledge of finance and credit for the same position. Various collection agencies generally provide training on the job for such agents. Recovery agent training is an important part of the initial days of the candidate ‘s professional beginning.
Applying for a license will include submission of fingerprints, authorization of background investigation and proof of experience. You will also be required to submit a proof of completing the requisite education and certification. A surety bond is also issued which offers protection against unforeseen incidents which might occur during property collection. A surety bond is an endurance that protects the interest of the property owner and the recovery agent in case damages are caused during recovery of property. Usually, agents are covered by the surety bond by their employers.
Up the ladder of Career
A recovery agent can open a collection agency of his own after gaining experience in this field. The experience could also be used to provide training or apprenticeship to trainees.