$15 billion US debt collection agency market overview with competitive profiles, trends and forecasts to 2025

company logo

DUBLIN, March 1, 2022 (GLOBE NEWSWIRE) — Added the US Debt Collection Agencies: An Industry Analysis report by Marketdata LLC ResearchAndMarkets.com Offer.

This study examines industry revenue/growth, consumer debt trends and industry issues, regulation, comprehensive operating metrics, etc. Includes national revenue/growth (2002-2017 actual, 2019, 2020, 2021 estimates, 2022 and 2025 forecasts), comprehensive census data, industry metrics (federal, state , City).

The study examines consumer debt trends, bankruptcy trends, the debt buying market, outsourcing, key market segments and more.

Competitive profiles for: TransWorld Systems, Encore Capital, The Kaplan Group, Alorica Global Solutions and Portfolio Recovery Associates are included.

This newly updated bestseller from Marketdata examines the $15 billion debt collection agency business. Consumer complaints of collector harassment persist and top the FTC’s list of complaints. Federal and state regulations have reduced recovery rates, resulting in slow growth. The Covid-19 pandemic hasn’t really hurt this business, however, as consumers have used stimulus payments and increased unemployment benefits to pay off their debts in 2020.

Debt collection is a fragmented business of 3,200 mostly small companies. Industry consolidation continues and the business has become attractive to investors.

Technologies such as artificial information make businesses more efficient, and skilled collectors are in high demand. Debt collection is moving offshore and the market for outsourced IRS debt has grown.

Main topics covered:

Industry Nature & Status Report

  • Company definition and characteristics: history and development, census NAICS codes, functioning of the services, no. of services nationwide/new consolidation/mergers

  • Status report: declining no. from agencies in the US, impact of the pandemic

  • demand factors

  • Industry Trends: Profit Margins, Offshoring, Consolidation, Adaptive Learning Systems:

  • Collection Techniques: Discussion of “traditional” collection techniques and how agencies work (letters, phone calls, legal action, skip tracing, use of agents), which methods work best, current recovery rates, contingency fees, customer specializations.

Consumer Complaints, Industry Regulation

  • Discussing major complaints about collection harassment and unethical/illegal practices, privacy issues.

  • Office for Consumer Financial Protection 2020 results: Number and type of complaints compared to 2018

  • Industry regulated by: 1977 Fair Debt Collection Practices Act, Telephone Consumer Protection Act (1991), Fair Credit Reporting Act (1970), Health Insurance Portability and Accountability Act (1996).

  • Regulatory agencies: FTC, FCC, CFPB

  • CFPB Annual Report 2021: Debt Collection Highlights, New Rules Explained.

Key Industry Trends

  • Summary: Main factors affecting the demand of the industry

  • Industry Status 2021: Consolidation – Declining Nb of Firms, Decline in Profits, Challenges for Various Aspects of Business (TransUnion Survey Data)

  • Summary: Types of Consumer Debt by Type ($ Amount: Student Loans, Medical Loans, Credit Cards, Mortgages, Auto Loans)

  • The most important debt collection trends 2019: compliance, technology, employee qualifications, corporate cultures, top 9 debt collection trends for 2019

  • Discussion on: industry and customer consolidation, the advent of artificial intelligence,

  • The Impact of the Covid-19 Pandemic on Debt by Population Segment (Millennials, Baby Boomers, Gen X, etc.)

  • Bankruptcy trends: personal vs. business, discussing types of chapters 7, 11, 13, peaks and reasons, regional differences

  • Growth of the bond buying market.

  • Findings of the latest research/reports by Kaulkin Ginsberg

  • Emerging capture technologies – computer/telecom systems integration, pre-authorized draft printing (leading firms, how services work, software vs. service bureau approaches), skip tracing, predictive dialing, verification of checks and computer databases.

companies mentioned

  • Transworld Systems (incl. NCO Group, Altisource)

  • The Kaplan Group

  • Encore Capital Group (incl. Midland Credit Management)

  • Portfolio Recovery Associates

  • Alorica Global Solutions (incl. Expert Global Solutions)

For more information about this report, visit https://www.researchandmarkets.com/r/q3begg

Source: Marketdata LLC

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager [email protected] For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900

Comments are closed.