How to Get a Repo License
Reposition agents, also called as repo men, usually work for banks or insurance companies to get a loan collateral such as boats, mobile homes and automobiles. The licensing for these professionals are under the Department of Agriculture and Consumer Services.
As a reposition agent, it is very significant to have a license, so that you can able to work legally.
Why Repo Agent?
Do you want to start a new career as a recovery or reposition agent? If yes, then your main task is to recover the property or assets of people who failed to pay their loans. Most repo men can repossess boats and vehicles. Recent down of economy requires more repo men to recover these assets, so that loan agencies can also meet their financial needs. Just like any profession out there, becoming a repo agent is a step by step process too.
Recovery agents are hired by specific companies or as a freelancer agent or contract basis. Being as recovery or repossession agents, most of the time it is also a part of their job to drive a tow truck. Meaning to say they can rapidly take automobiles from the delinquent barrowers. One important thing to remember here is being a repo man or woman can also be very dangerous for the reason that many people don’t like seeing their property being taken away from them. Be sure that you have the guts and courage to do this job.
There is no course or formal education needed for a certain individual to work as repossession agent. However, it is imperative for the one who have a good detective skill, so it will require you to have some training.
Obtaining a License as Repo Man
- To work as a recovery agent, it is considerable to review the requirement on becoming a repo agent. The first requirement is you need to be a U.S. citizen, should be 18 years old and have a good background.
- In most states, the aspiring repo agent should enroll in a certification approved by the state you plan to work. Typically, it is a 40 hour course, which requires the one to finish the program completely. In this program you will be trained and educated with various techniques and methods on how to become a licensed repo man.
- After finishing the program you can now get an EE for intern or E certification to work as a repossession agent legally.
- Be sure that your certification is approved by the state you are planning to work. Usually, if you are got your certification on other state, make sure to ask your state if it is acceptable or not.