A new report proves what I’ve known all along: Our industry makes a difference to the economy!
I read with pride a just-released study outlining the impact of 3rd party collection agencies on the U.S. economy in 2010. ACA International and Ernst & Young, THANK YOU for shining such a bright light on the debt collection industry with your report.
Because of a very few non-compliant agencies, it is easy for consumer groups to pick on our industry. However, studies like this one help build the argument for our positive impact on the economy, both nationally and locally.
Did you know that the third party collection industry recovered $54.9 billion in 2010? Imagine for a brief scary moment what would’ve happened to our economy if those dollars weren’t put back into the economy.
Discover the positive economic impact in YOUR state. ACA International’s report includes a map. Click on any state and you will find the survey results for that specific state.
I found it interesting that in my own state (Utah) 3rd party collection agencies recovered $381 million, provided 860 collection agency specific jobs, paid $4.7 million in state related taxes, provided approximately $953,000 in charitable donations and donated 5,300 volunteer hours. That’s a BIG impact in a state with around 2.8 million people!
Share with those outside the industry. If you haven’t yet read this study, I strongly encourage you to do so now! It will help remind you of our industry’s importance to your state and national economic well being. Then share what you find with others, both inside and outside of our industry. Together, we can work to help people understand our industry’s importance to this country’s economic well being.
Dave Rudd is DialerFan, a champion of the collection industry, focused on improving collection capabilities through technology and political action. He energetically participates in lobbying efforts for the industry through donations, writing letters, making phone calls, participating in seminars and attending events in Washington D.C., including the most recent ACA International Fly-In.
Well acquainted with debt collection, Dave spent two years debt collecting before joining IAT in 1990. He has held a variety of positions at IAT, a provider of collection-specific dialing technology, including President/CEO and most recently Senior VP of Finance & Administration.