License Support Service Providers are working hard to make life easier for collection agencies.
Each state has its own licensing requirements. Collection across state lines requires being licensed properly within each state as well as properly renewing each license.
Like any other state, Minnesota has strict licensing requirements. One that stands out is Minnesota's background screening requirement for individual collectors — which states that when renewing a collection license in Minnesota, an agency must complete the individual collector background screening requirements no more than 60 days before the license expiration date.
Failure to do these screenings could result in being disqualified as a Minnesota debt collector. In addition, falsely claiming that your agency completed background checks when you haven’t is breaking Minnesota’s laws.
To complete the screenings an agency must annually do a national criminal history search and a county criminal history search for all counties in which the collector resided in during the preceding year.
Because of the complex nature of debt collection licensing, many collection agencies have looked to outsource the licensing process to companies that specialize in completing the process.
Cornerstone Support, a license support service provider, recently launched ‘Collector Check,’ a service which aims to tackle the Minnesota background qualifications for collection agencies in a streamlined manner by screening collectors expediently and inexpensively.
“We understand that collection agencies have their hands full with regulations as it is,” says Keith Montgomery, the Client Experience Manager at Cornerstone Support. “Our goal with Collector Check is to ensure that the agencies can stay focused on their business while we focus on completing their annual background checks for all their Minnesota collectors.”
Going forward, look for more license support service providers to continue to look for new, innovative ways to serve their clients to ensure that they are appropriately licensed — as well as making sure that those licenses are being seamlessly renewed.