British Columbia Debt Collection Agency Services
Talk to Priority Collection Management Corp (PCM CORP) if you are looking for BC collection agency services.
Located on the Pacific Coast, British Columbia is Canada’s westernmost province and shares its borders with Alberta to the east, Yukon Territories and Alaska to the north, and Washington State to the south.
British Columbia collection agency services are primarily located in the province’s most populous area including Prince George, Kelowna, Coquitlam, Burnaby, Vancouver, Surrey, and Victoria.
To Find Out More Call Toll-Free 1-866-766-9195
BC Collection Agency Requirements
In British Columbia, collection agency services are provided in two formats:
- B2B Or Commercial Debt Collection Services
- Consumer Debt Collection Services
BC is somewhat unique in Canada when it comes to compliance for both agencies and creditors alike.
As with every other province in Canada, BC collection agency services must be provided by licensed vendors. The requirements for applicants to obtain a debt collection license include:
- Writing and passing an examination
- Open two bank accounts – one for Operations and another for Clients Trust
- Posting security for the client’s trust accounts.
Each debt collector must also pass an examination before obtaining a license to contact BC consumers.
Agencies Licensed to Collect Debt in BC
Firms providing B2B or commercial BC collection agency services are not required to be licensed, but must be cognizant of the provincial rules around contacting debtors. BC does not define the term “debtor.” Therefore, to err on the side of caution, PCM Corp recommends that creditors acquaint themselves with BC’s consumer protection legislation. Click here to learn more about Changes to BC Debt Collection Laws.
British Columbia has Some Cool Collection Tools
Organizations providing BC debt collection agency services should be aware of collection tools such as:
- Prejudgment Garnishment
- Prejudgment Writs
- Prejudgment Seizures
While these collection tools are available in other provincial jurisdictions, British Columbia has made these remedies much easier to implement. Debt collection agencies operating in BC should understand how these remedies work and when to use them.
PCM Corp has Extensive Experience Collecting in BC
In summary, due to the heightened debt collection laws and regulations in British Columbia, we recommend working with a licensed BC collection agency service firm that has all bases covered.
Commercial debts can easily fall under BC’s consumer protection legislation. Don’t let your firm be exposed to potential provincial fines because your commercial debt collection provider was unaware of its obligations when collecting your claims in British Columbia.
PCM Corp works with clients all across Canada from British Columbia through to PEI.
About PCM Corp
This year, 2021, marks our 16th anniversary specializing in debt collection services across Canada, the United States and internationally.
Priority Credit Management takes great pride in helping businesses to responsibly collect on overdue accounts. A winning debt collection strategy can help improve your cash flow and help manage your receivables successfully. We have a lot of experience in both consumer and B2B commercial debt collection and can help you in your debt recovery efforts.