Collateral Recovery Re-Engineered
Repossessions have been done in some sort or fashion since the evolution of lending began. In the last 4 decades it has gone from a local banker meeting a tow truck driver at the location of collateral to be recovered, to a multimillion dollar industry. Today, Repossessions are not accomplished by a tow truck driver; they are handled by “Recovery Specialists” trained, certified, insured, and bonded. The manner in which each state governs Repossession Agencies varies,with some having in place training standards, licensing requirements, insurance minimums, and character requirements.
Illinois has in place some of the strictest regulations that apply to our industry, as of July 1, 2012 when the “Illinois Collateral Recovery Act” came into effect. Mega Services, Inc. has been in the lead with respect to compliance under this act since its inception. Mega Services, Inc. has played an active role with the Illinois Recovery Association having a staff member on the Board of Directors. The association board meets with members of the Illinois Commerce Commission on a quarterly basis to review issues and concerns. Mega Services, Inc. strives to be 100% compliant with all aspects of the “Illinois Collateral Recovery Act” from deploying licensed recovery agents, to the handling of a debtor’s personal property with a full time compliance staff. In fact, the Commerce Commission has even brought a class of new field agents to the Mega Services, Inc. facilities for training in respect to conducting audits. Mega Services, Inc. is proud to be recognized as an agency to set the standard for recovery agencies across the state.
Mega Services, Inc.possesses an industry leading recovery rate and we look forward to increasing your bottom line.
I would encourage you to seek your institutions collateral recovery rate and give the Mega Services, Inc team a 60 day trial.
