Alberta Debt Collection Agency Services
Priority Collection Management Corp (PCM CORP) is an Alberta collection agency based in Edmonton. Other prominent collection agency providers can be found in most of Alberta’s other major cities including Calgary, Grande Prairie, Lethbridge, Medicine Hat, Fort McMurray, and Lloydminster.
Alberta Collection Agency Licence Requirements
The Province of Alberta does not require that debt collection agency services be provided by resident firms, so long as the company is properly licensed as required.
- Consumer collection agency services must be provided by a licensed agency.
- Commercial debt collections do not require licensing.
Call us toll-free at 1-866-766-9195 for more information.
Why Consider Hiring a Licensed Agency & What is Required
As one of Canada’s prairie provinces, Alberta’s primary industries include agriculture, forestry, and oil and gas.
Licensed Alberta debt collection agency service providers must open two bank accounts (Operating and Trust) and post a client’s trust bond of up to $50,000. Additionally, licensed agencies must complete a full financial audit annually.
The client’s trust bond amount fluctuates depending upon the average amounts held in the trust account each month.
Proper checks and balances will help to ensure a financially healthy industry — debt collection agencies who are unlicensed pose an unnecessary risk.
It is our opinion that all Alberta collection agency service providers should be licensed. Commercial collection agency trust accounts can easily exceed the provincially mandated maximum of $50,000 by collecting one account.
Legal Proceedings for Creditors
Debt collection agency laws in Alberta to support court-related debt collection activities are reasonably creditor friendly.
Tools such as Alberta’s small claims court hear cases up to $50,000; this amount is scheduled to go to $100,000.
Remedies such as Pre-judgment Garnishees and Seizures are also available, although the qualifiers to use these processes are somewhat more stringent than provinces like British Columbia.
One of Alberta’s best debt collection tools is called a Notice of Intention To Sell, which allows a judgment creditor to sell a debtor’s real estate, using the proceeds to repay the creditor.
PCM Corp is a Fully Licensed Debt Collection Firm
While not all Alberta collection agency service providers are required to be licensed, we recommend that you only consider hiring a licensed agency for professional debt recovery. With licensing comes a higher barrier to entry to obtain and maintain a collection agency license, providing further protections for creditors.
When you’re considering handing over your past-due customers to a 3rd party, you want to be confident you are making a solid choice. Licensed agencies provide an enhanced level of financial protection that your receivable is held in a solvent provider’s trust account.
PCM Corp offers credit collection services for all Canadian provinces including British Columbia and Ontario.
About PCM Corp
Since 2005, Priority Credit Management has been providing the tools that Canadian businesses need for both Canadian and cross-border consumer and commercial debt collection. As an Alberta collection agency service provider, we are here to help improve your cash flow and successfully manage your receivables.
Let us show you how PCM Corp could be a good fit for your business.