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One key to successfully recovering your delinquent accounts is to work with a collection agency that’s intimately familiar with Illinois collection law. Working with an Illinois collection agency will drastically increase your chances of a successful debt recovery.
In order to maximize your chances of collecting unpaid debts, make sure to get in touch with a qualified debt collection company as soon as possible once you have doubts about an account. When collecting debt in Illinois, time isn’t on your side; it’s important to work with debt collectors who will go to work for you immediately.
Granted, professional debt collection may seem expensive, but when you consider the value of the time you’ll spend pursuing an unpaid account yourself, working with a collection agency usually makes financial sense for Illinois businesses. Whether you’re based in Addison, Alton, Arlington Heights, Aurora, Bartlett, Belleville, Berwyn, Bloomington, Bolingbrook, Buffalo Grove, Burbank, Calumet, Carbondale, Cicero, Chicago, Elgin, Joliet, Naperville, Peoria, Rockford, Springfield, or Waukegan, getting started — and started soon — with an Illinois debt collection agency is a smart business move.
Illinois Collection Laws Interest Rate
| Legal: | 5% |
| Judgment: | 9% |
Illinois Collection Laws Statute Of Limitations
| Sales (UCC): | >4 years |
| Open account: | 5 years |
| Written Contract: | 10 years |
| Domestic Judgment: | 20 years |
| 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. | |
If you’re looking for a collection agency that knows Illinois, contact Summit AR today for fast, friendly, and most importantly effective results.
Disclaimer: While we strive to keep our state resource data accurate and up-to-date, the information contained on this page is provided without any warranty (expressed or implied), and should not be considered legal advice. We assume no liability for its use.
Convert more aged receivables into bottom-line revenue.
Our experienced collections specialists provide the best of both worlds: collection rates up to double the industry average, but with a delicate touch to protect your company’s relationships and good name. Schedule a free no-obligation consultation and learn how Summit A•R can put your balance sheets back in the black.
