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A recovery specialist is hired by a lending institution to retrieve assets from someone who fails to pay back a loan. The job can be dangerous and complicated, and may require a high school education, a college degree in criminal justice, a commercial driver’s license, self-defense training, and possibly firearms training. The specialist may need to locate the item to be recovered and interact with the person currently in possession of it, which can be intense and conflicts are common. The specialist must comply with all local laws and regulations and may need to obtain clearance from law enforcement agencies before participating in any recovery process.
A recovery specialist works for a salvage and recovery company hired by a lending institution to recover assets. This can occur if a person buys a vehicle, house, or other item with money from a lender, but that person fails to pay back the borrowed money. A recovery specialist will be hired to locate the items and retrieve them for the lender. This work can be dangerous and complicated, and while it is not necessary to have a specific level of education to work for these companies, a high school education is generally preferred.
A college education in criminal justice may also be preferred by companies looking to hire a recovery specialist, and the candidate is likely to also need a commercial driver’s license and some self-defense training. Some companies may also require firearms training. The recovery specialist may operate wreckers or tow trucks, as well as larger transport vehicles designed to recover vehicles or other items with or without the consent of the person who committed to the loan. The lender technically owns these items; therefore, the recovery specialist will be hired by the rightful owner of the vehicle or item to retrieve it from the person who took out the loan.
Repossession can be a difficult process, as the recovery specialist may first need to locate the item to be recovered. This may involve searching and reconnaissance, and once the item has been located, the expert may have to interact with the person currently in possession of that item. These interactions can be intense and conflicts are common. The specialist can be trained in self-defense should these interactions turn violent, and must also be trained to recover vehicles quickly and safely.
Law enforcement agencies may be involved in the investigation and recovery of items, so the recovery specialist may need to regularly interact with these agencies. This means that the specialist must comply with all local laws and regulations at all times during the recovery process and may need to obtain clearance from local law enforcement agencies before participating in any recovery process. If the repossession involves items belonging to a person or group involved in illegal activities, the specialist will usually need to consult with the police or other law enforcement agencies before performing any type of recovery service.
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