The reported performance and staffing behavior of debt collection agencies, collection law firms, and debt buyers was significantly different in the first quarter of 2009, according to the results of insideARM’s Credit & Debt Collection Industry Confidence Survey.
Taken by more than 560 accounts receivable management professionals, the confidence survey for the first quarter continued to show relative weakness in the collection industry as the nation struggles with recession. But survey participants revealed that the economy is impacting ARM companies in different ways.
When asked how their companies’ performance fared in the first quarter of 2009, collection law firms reported the highest average performance rating on a scale of 1 to 5, with 5 being the highest. Law firms reported an average performance rating of 3.54. Debt buyers reported the lowest average rating at 3.13. (Download the entire report PDF for free)
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