Illinois Collection Agencies
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One way to recover more from your delinquent accounts is to hire Illinois collection agencies. Illinois collection agencies can locate debtors and collect the money owed to your business, practice or facility. If used early, Illinois collection agencies can often recover a meaningful portion of your unpaid accounts.
In addition to increasing your chances of actually getting paid, using a Illinois collection agency can save you a lot time and money � two of your most valuable resources. With their custom-designed debt collection systems, computers and software, a Illinois collection agency can be more effective in recovering delinquent accounts than you can, after more than 60-90 days have passed.
Although most Illinois collection agencies can charge between 30 to 50 percent of what they recover, you still end up with more than you probably could have collected on your own. There are also Illinois collection agency services that charge a low flat fee instead of a higher percentage. Collection coverage in these: Addison, Alton, Arlington Heights, Aurora, Bartlett, Belleville, Berwyn, Bloomington, Bolingbrook, Buffalo Grove, Burbank, Calumet, Carol Stream, Carpentersville, Chicago, Joliet, Naperville, Peoria, Rockford, Springfield and other Illinois cities.
Illinois Collection Laws
The following is a summary of the Illinois Collection Laws. The information here may not be 100% accurate and should not to be construed as legal advise. We make no warranty, express or implied concerning any information contained on this Illinois Collection Laws page, and we assume no liability for its use.
- Illinois Collection Laws Interest Rate
Legal: 5%
Judgment: 9%
- Illinois Collection Laws Statute Of Limitations (Years)
Sales (UCC): 4
Open account: 5
Written Contract: 10
Domestic Judgment: 20
Foreign Judgment: Same as foreign jurisdiction
- Illinois Collection Laws Bad Check Laws (NSF) (Civil Penalty)
Triple check amount up to $500, attorney fees & court costs - Illinois Collection Laws General Garnishment Exemptions
15% of gross wages or disposable earnings for workweek up to 45 x Federal minimum hourly wage, whichever is greater - Illinois Collection Laws Collection Agency Bond & Licensing Rules
Bond: $25,000
License: Yes
Fee:
$750 - Original
$750 - Renewal
Exemption for out-of-state collectors: Out-of-state collectors may be exempt if [1] not soliciting accounts in Illinois; [2] their state of residence has laws which provide similar reciprocity (allow out-of-state agencies to collect only); and [3] the state in which the non-Illinois agency resides extends the same privileges to out-of-state agencies.
We hope that this information on Illinois Collection Agencies assists you in finding a Illinois collection agency and researching Illinois collection laws.
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