LCMC Company Overview

Founding Date and Background

LCMC Company, also known as Legal Credit Management Corp, was founded in 2001. It began as a collection agency registered with the Ministry of Government and Consumer Services under the Collection & Debt Settlement Services Act. The company has established itself as a reputable player in the financial services industry, focusing primarily on reducing accounts receivable losses for businesses across Canada.

Parent Company/Ownership Structure

LCMC operates as an independent entity with a focus on providing collection and debt management services. It is not a subsidiary of a larger corporation but rather operates under its own brand. The company has a branch office known as Credit Bureaus of NWO Collections, which further enhances its service offerings in the debt collection sector.

Headquarters Location

The main office of LCMC is located at 6981 Mill Creek Drive, Suite 33, Mississauga, Ontario, Canada. The company also has a branch office in Thunder Bay, Ontario.

Global Business Scope

While LCMC primarily serves clients in Canada, its operations extend across various provinces, including Ontario and the broader Canadian market. The company caters to a diverse clientele, including industries such as financial services, healthcare, education, and transportation.

Main Regulatory Bodies

LCMC is subject to regulations under Canadian law, specifically the Collection & Debt Settlement Services Act. Additionally, it is a member of the credit bureau Equifax, which adds a layer of credibility and regulatory compliance to its operations.

Back to Top

Company History and Development

Key Milestones

Since its founding in 2001, LCMC has achieved significant milestones in the collections industry. The company has successfully grown its client base and expanded its service offerings to include end-to-end litigation services, allowing it to handle accounts up to two years past due.

Business Expansion Journey

LCMC has steadily expanded its operations by establishing a presence in both southern and northern Ontario. Its branch in Thunder Bay, operating as Credit Bureaus of NWO Collections, enables it to serve clients in the northern regions effectively.

Customer Base Growth

Over the years, LCMC has built a diverse customer base, serving various sectors including healthcare, education, and manufacturing. This growth reflects the companys ability to adapt to the needs of different industries and provide tailored solutions.

Platform Development History

LCMC has developed its operational platforms to enhance efficiency in debt collection and management. The company utilizes modern technologies to streamline processes, ensuring effective communication and reporting for clients.

Important Awards or Recognitions Received

While specific awards were not mentioned in the available data, LCMCs long-standing presence and its affiliation with Equifax signify its credibility and recognition within the financial services sector.

Back to Top

Trading Services Offered

Forex Trading Options

LCMC does not specifically offer forex trading services as its primary focus is on debt collection and management. However, it operates within the broader financial services industry, which may include partnerships or referrals to companies that do provide forex trading options.

Stock Trading Options

Similar to forex, LCMC does not directly engage in stock trading. Its expertise lies in managing debts and collections rather than in trading securities.

CFD Trading Products

LCMC primarily concentrates on collection services rather than trading products such as CFDs (Contracts for Difference). Therefore, it does not provide these financial instruments directly.

Other Financial Instruments

LCMC's services are focused on debt recovery and management rather than trading in financial instruments like cryptocurrencies or commodities. Its core competency lies in assisting businesses with accounts receivable management.

Special Services or Unique Advantages

LCMC offers specialized services in debt collection, including end-to-end litigation support and customized solutions for different industries. Its membership with Equifax enhances its credibility and provides clients with reliable credit management services.

Back to Top

Regulatory and Legal Background

Detailed Regulatory Information

LCMC operates under the following regulatory bodies:

• Ministry of Government and Consumer Services, Ontario
• Equifax (credit bureau)

These regulatory bodies ensure that LCMC adheres to the standards and practices required in the debt collection industry.

Legal Entity Structure by Region

LCMC operates as a legal entity in Canada, with its main office in Mississauga, Ontario, and a branch in Thunder Bay. The company is fully licensed to handle both commercial and retail accounts.

Client Fund Protection Measures

LCMC employs best practices in client fund protection, ensuring that all financial transactions and debt collections comply with regulatory standards. This includes maintaining transparency and ethical practices in all dealings.

Countries/Regions Served

LCMC primarily serves clients throughout Canada, particularly in Ontario. Its services are tailored to meet the needs of businesses across various sectors within the region.

Compliance History

LCMC has maintained a strong compliance record since its inception, adhering to the regulations set forth by the Ministry of Government and Consumer Services. Its membership with Equifax further underscores its commitment to maintaining high standards in credit management.

Back to Top

Competitive Landscape

3-5 Main Competitors

LCMC faces competition from several key players in the debt collection industry, including:

• LexisNexis: A major competitor in data analytics and risk management.
• TransUnion: A credit reporting agency that also offers collection services.
• Equifax: As a member, LCMC competes with Equifax in some service areas while benefiting from its credibility.
• Dun & Bradstreet: Known for providing business data and analytics, including credit risk assessment.

Positioning in the Industry

LCMC positions itself as a specialized collection agency focusing on reducing accounts receivable losses for businesses. Its tailored services and commitment to ethical practices differentiate it from larger, more generalized competitors.

Market Differentiation Factors

LCMC's unique advantages include:

• A strong focus on client relationships and customized service offerings.
• Membership with Equifax, enhancing its credibility and service reliability.
• A commitment to ethical practices and transparency in debt collection.

Back to Top

In conclusion, LCMC Company has established itself as a reputable collection agency in Canada, focusing on providing specialized debt management services to a diverse clientele. Its adherence to regulatory standards, commitment to client satisfaction, and strategic positioning within the industry have contributed to its growth and success since its inception in 2001. For more information on LCMC's services and offerings, learn more.