Legal Question in Credit and Debt Law in Rhode Island

Business Opportunities in Judgement Collections

I am a CPA in RI/MA and I am interested in becoming involved in the business of collecting judgments.

I have received advertising for several $200+ books that suggest that suggest I implement the following business model:

1.Locate uncollected judgments at courthouse

2.Solicit phone inquiries from plaint ifs assignments of the debts by direct mail advertising

3.Purchase SS#'s and credit reports

4.Obtain bank and employment information from other creditors or with $100-300 reports

5.Levy bank accounts, garnish wages, place liens on property.

6.Pay client 50%, retain balance.

I suspect the business is not quite as easy as they suggest. I would greatly value your input on likely pitfalls. Perhaps, you might also suggest a method to propose a mutually beneficial way to become involved with the industry by working with a law firm.

Asked on 6/01/06, 1:15 pm

1 Answer from Attorneys

Jules D'Alessandro D'Alessandro & Wright

Re: Business Opportunities in Judgement Collections

It certinaly is not as easy as it may seem. Especially becuase there are a few collection attorneys who are already doing what you are thinking about. Call me directly I will give you some further information and also put you in touch with some collection lawyers.

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Answered on 6/01/06, 2:43 pm

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