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4 Reasons Collections Agencies Shouldn't Handle Their Own Licensing

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Maintaining your state licenses can be a complicated and time-consuming process. States are continually changing statutory regulations and application requirements making it difficult to stay informed. On top of that, penalties can be serious.

However, many collections agencies still choose to handle their own licensing paperwork. This can be a huge risk and cause more problems than it's worth.

Here are 4 reasons why you should leave licensing to the pros:

  1. Time – Finding and filling out the appropriate paperwork takes a lot of time to complete. It's more beneficial to work with an agency that has done this for many years and can quickly complete what's required.
  2. Connections – We file over 25,000 renewal applications a year and know exactly how the various state regulators like the applications, cover letters and attachments. That consistency allows the application to be reviewed quicker with fewer deficiencies. We work to ensure the licensing process is faster and more streamlined for you.
  3. Knowledge – Regulations and requirements change all the time. Work with someone that is up to date and knows the requirements. Without this knowledge, you run the risk of spending too much time searching for the required paperwork, or worse, use the incorrect paperwork.
  4. Attachments and Supplemental Information – Similar to paperwork, financial requirements are also changing constantly. Sending financial information in the wrong format or on the wrong form can significantly delay the processing of a renewal application. The renewal instructions are not always clear about what is required with the application. Omitting required information or providing information in the wrong form can lead to significant delays in processing a renewal application.

What worked yesterday may not work today. Requirements and rules are always changing, and it's beneficial to work with someone that is aware of current conditions and requirements. Compliance doesn't care that you did not know or were not aware. If you don't want to risk losing a license, make the smart decision to work with someone that has the connections and knowledge you need.

We stay up to date on the major issues that compliance officers face and the requirements enacted by the states to ensure you don’t face penalties and fines. Reach out to us if you'd like to talk about your licensing requirements.

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