T- T T+

Collections Information

Facts and statistics about third-party debt collection.

  • In 2013, agencies recovered approximately $55.2 billion in total debt, on which they earned close to $10.4 billion in commissions and fees. Removing these agency earnings from the total debt recovered leaves nearly $44.9 billion in debt that agencies returned to creditors. The five states with the highest total debt collected are New York ($5.4 billion), Texas ($4.9 billion), California ($4.6 billion), Illinois ($2.9 billion) and Florida ($2.7 billion). (Source: The Impact of Third-Party Debt Collection on the National and State Economies, July 2014.)
  • The collection industry saved the average American household $389 in 2013. This amount represents dollars households would have spent if businesses were forced to raise prices to cover bad debt. (Source: The Impact of Third-Party Debt Collection on the National and State Economies, July 2014.)
  • U.S. collection agencies directly employ approximately 136,100 people in debt collection agencies and support the indirect and induced employment of more than 95,100 individuals in industries that sell goods and services to debt collection agencies and their employees in 2013. Considering both the direct and indirect economic impacts of the debt collection industry, the total employment impact on the U.S. is nearly 231,300 jobs with a total payroll impact of $12.4 billion. (Source: The Impact of Third-Party Debt Collection on the National and State Economies, July 2014.)
  • Job growth for bill and account collectors is expected to be 15 percent by 2022. There were approximately 397,000 bill and account collectors employed in the United States in 2012, and projected employment for the industry is more than 455,000 by 2022. (Source: 2014/15 Bureau of Labor Statistics’ Occupational Outlook Handbook.)
  • Based on an annual payroll of $4.7 billion and 130,200 paid employees, earnings for all debt collection agency employees (including telephone collectors and other employees) average approximately $36,022. (Source: The Impact of Third-Party Debt Collection on the National and State Economies, July 2014.)
  • Third-party debt collection agencies made more than $130.6 million in charitable contributions in 2013. Industry employees spent approximately 1.9 million hours volunteering for causes/activities of their choosing, including nearly 571,600 hours at company sponsored volunteer activities. (Source: The Impact of Third-Party Debt Collection on the National and State Economies, July 2014.)
  • U.S. debt collection agencies were estimated to directly contribute $724 million of federal tax, $400 million of state tax, and $287 million of local tax, for a combined tax impact of more than $1.4 billion. Taxes attributable to the operations of debt collection agencies employees, suppliers, and businesses that sell to employees total over $2.6 billion--approximately 10 percent of the estimated total economic impact of the debt collection industry. Of the $2.6 billion estimated total tax impact, 51 percent is estimated to be federal tax (corporate and individual income taxes) and 49 percent is estimated to be state and local taxes. (Source: The Impact of Third-Party Debt Collection on the National and State Economies, July 2014.)
  • The Fair Debt Collection Practices Act, the primary federal law regulating third-party collection agencies, was enacted in 1977 with the support of ACA to protect consumers from unfair and abusive collection practices. (Source: A Guide to the Fair Debt Collection Practices Act.)
  • Approximately 69 percent of collectors are female, while about 28 percent are male. (Source: 2012 Benchmarking & Agency Operations Survey, ACA International, March 2012.)
  • Annual compensation (including base salary and commissions) for a full-time collector averages $38,000. (Source: ACA’s 2013 Compensation & Benefits Survey, March 2013.)

Back to Statistics index page

Advertisement

http://www.comtronic.com/
 
ACA International - 4040 W. 70th Street - Minneapolis, MN 55435