Recovery agents track people or property for law enforcement or financial institutions. They may need training and a license, and the job can be dangerous. They locate people who have skipped bail and recover property used as collateral for a loan. Recovery agents must have tracing and networking skills, as well as good observation and attention skills. They may work for themselves or agencies and are paid a percentage of the total recovered.
A recovery agent tracks people or property as a representative of law enforcement agencies or financial institutions. Recovery agents often need to complete a training course and receive a license before they can practice in a given area. Some have experience in law enforcement, while others do not. This job can be challenging and potentially dangerous.
One aspect of a bailiff’s job can be tracking down people who have failed to appear in court after posting bail. These people are said to be “skipping” bail. When bail is posted by a bond agent on behalf of the accused, the bond agent may hire a recovery agent to bring the fugitive to justice. Although bail bondsmen require collateral to issue loans, sometimes the full loan is not recoverable and the bail bondsman has a vested interest in recovering the money. These recovery agents must be able to effectively track people down so that they can be safely apprehended and brought to court.
Recovery agents are also hired by lenders to recover property used as collateral for a loan. Traditionally, foreclosure agents repossess cars, boats, and other property purchased with a loan when the borrower defaults. Borrowers can try to hide movable property if they think a recovery agent is coming. As a result, recovery agents need to track properties and verify their identity, even if the borrower has altered the property in some way.
In addition to tracing skills, recovery agents can also benefit from networking skills that allow them to access information used in tracing people and property. This job also requires good observation and attention skills, as recovery agents need to be able to act quickly in dangerous situations. Failure to recognize a hazard could result in injury to the recovery agent or bystanders in the area.
Some recovery agents work for themselves, while others work for agencies. Usually they are paid in the form of a percentage of the total recovered. The work usually does not include expenses and, as a result, recovery agents are sometimes in a position to take a loss on a specific job. Working for an agency can provide a steady supply of work as well as perks such as the use of a company car, but agents employed by agencies also earn less per job and this must be balanced when evaluating employment options.
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