Minnesota state collection industry regulators played a key role in helping bring in new management and ownership that has successfully turned around a venerable Dallas-based agency.
Nationwide Recovery Systems, Ltd, an agency founded over 30 years ago, grew rapidly under the original founding leadership. The company added a healthcare collection division through an acquisition in Tyler, Texas, and by 2005 was one of the largest commercial, healthcare, and consumer debt collection agencies in the country. When the founder left the company in 2005, the company began to struggle.
By 2010, the company was losing money and the former owners were tiring of putting capital into the business. The company also encountered compliance issues when it failed to get an injection of cash from its former owners to cover a shortfall in its client trust account. Minnesota, like many states, requires a separate client trust account. After the trust fund shortfall was corrected, an independent auditor verified that all amounts due and collected by the agency were paid to customers according to terms.
View this content by subscribing
Please register to unlock this content
I already have an account. Log in
