To become a judgment recovery specialist, you will first need to review the laws governing judgment recovery in your jurisdiction. In some places, you will not need any type of special licensing to become a judgment recovery specialist. On the other hand hand, some jurisdictions may require you to undergo a special licensing process, and your business may need to be registered as a collection agency. It is possible to receive your training through distance learning courses, though it may be possible to receive on-the-job training as well. Training to become a judgment recovery specialist typically consists of learning skip tracing techniques, judgment collection strategies, and pertinent laws and regulations for collecting a judgment in your area.
In many places, a person who wins a monetary judgment in court is left to his or her own devices when collecting what he or she is owed. The judgment creditor, as the successful plaintiff is called, must approach his or her judgment creditor for payment. If the creditor refuses to pay or can't pay what he or she owes, the creditor must take additional action to collect the judgment, which can be a time-consuming and expensive project. Some judgment creditors assign responsibility for collecting their debt to a judgment recovery specialist, who takes a percentage of however much of the debt he or she collects on behalf of the original creditor.
As laws and regulations vary from jurisdiction to jurisdiction, there isn't just one way to become a judgment recovery specialist. Instead, you will need to be trained in accordance with the laws in your area. If you live in a jurisdiction that does not regulate professional judgment recovery, you may simply have to obtain a standard business license. You also need to learn various techniques for tracing debtors and their assets as well as how to work with the court system to collect the debt.
In some areas, however, you may have to register and license your business as a collection agency in order to become a judgment recovery specialist. Laws governing collection agencies are often complex. In the United States, for example, collection agencies are governed by both federal and state laws. In addition to compliance with a variety of laws and regulations, collection agencies may have to be bonded. If you live in an area that requires this type of licensure, you can expect a much more complicated and expensive process in your quest to become a judgment recovery specialist.