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The Positive Impacts of the Debt Collection Industry

Popular culture portrays collection agents as shady characters who are only interested in scamming people out of their money. As ARM professionals, you already know this is untrue. Credit and collection professionals are a vital part of the nation’s economy, as well as the local communities in which you do business. See more.....

 

 


How To Market Your Debt Collection Agency: 

Debt Collection Agency Marketing Talk - Social Media and Debt Collections. See more.....

Expert Advice

Marketing any business can be a challenge. Marketing in a niche industry such as collections can be even more difficult. Sometimes it’s hard to reach prospective clients. Sometimes it’s because you have a shoestring budget to cover your efforts. Yet, your agency needs marketing to grow. 

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5,868 viewsJan 15, 2019, 08:21pm

Here's How Much Debt Collectors Earn In Every State

Andrew DePietro

Andrew DePietro

Contributor

Personal FinanceI cover small business, real estate and cost of living.

According to the Bureau of Labor Statistics, Bill and Account Collectors (aka debt collectors) "locate and notify customers of delinquent accounts by mail, telephone, or personal visit to solicit payment. Duties include receiving payment and posting amount to customer's account; preparing statements to credit department if customer fails to respond; initiating repossession proceedings or service disconnection; and keeping records of collection and status of accounts."

According to the Bureau of Labor Statistics, Bill and Account Collectors (aka debt collectors) "locate and notify customers of delinquent accounts by mail, telephone, or personal visit to solicit payment. Duties include receiving payment and posting amount to customer's account; preparing statements to credit department if customer fails to respond; initiating repossession proceedings or service disconnection; and keeping records of collection and status of accounts."

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There are few things more unwelcome in life than to receive a call from a debt collector (one that's worse, perhaps, is a visit from the "man from the draft board" back in the day). But with Americans having racked up $13.51 trillion in total household debt, those unwelcome calls are likely to continue as business booms for debt collectors.

However, there is one question few tend to ask about debt collectors, even though their business is money: How much do debt collectors make? And for that matter, how much do debt collectors make on average in every state? Using occupational data from the Bureau of Labor Statistics, we've analyzed and compiled a round-up of the average salary of a debt collector in each U.S. state. Read on for a full breakdown of where debt collectors make the most money, and where they're making the least.

10 States Where Debt Collectors Earn The Most Money

The national average annual wage of a debt collector is $37,650, according to the BLS. Here’s a breakdown of the top-10 states in which debt collectors earn the most:

Rank State Mean Annual Wage
1 Connecticut $46,470
2 Massachusetts $44,700
3 New Jersey $43,920
4 Rhode Island $43,530
5 California $42,830
6 Alaska $41,830
7 Vermont $41,390
8 Maryland $41,160
9 New York $40,510
10 Hawaii $39,980

The states that pay debt collectors the most on average are geographically located in the northeast and Pacific, with the exception of Maryland, which is technically a southern state, according to Census-designated regions.

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10 States Where Debt Collectors Earn The Least Money

Here’s a breakdown of the top-10 states in which debt collectors earn the least:

Rank State Mean Annual Wage
50 Arkansas $31,660
49 Tennessee $32,430
48 South Dakota $32,440
47 Louisiana $32,460
46 Utah $32,540
45 Mississippi $32,560
44 Kansas $32,760
43 Missouri $32,820
42 West Virginia $33,080
41 Montana $33,290

This list is dominated by states of the South, Midwest and West. More specifically, the states can be broken down into these Census divisions:

  • East South Central: No. 49 Tennessee; No. 45 Mississippi
  • Mountain: No. 46 Utah; No. 41 Montana
  • South Atlantic: No. 42 West Virginia
  • West North Central: No. 48 South Dakota; No. 44 Kansas; No. 43 Missouri
  • West South Central: No. 50 Arkansas; No. 47 Louisiana

Check out the full debt report here >>

The Top Debt Collection Agencies In The US

Below are 10 major debt collection agencies, several of them ranking among the top debt collectors for most total complaints, such as Encore Capital Group, according to a report by U.S. PIRG Education Fund.

Trending Now: States in the Most and Least Amount of Debt in 2019

Andrew DePietro

Andrew DePietro

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I write about entrepreneurship, business strategy, real estate and housing markets, analyzing how they shape and are shaped by bigger, macroeconomic forces. I cover near...

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Professional Debt Collector Compliance Training and Certification



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Calling All Collections Industry Leaders

Are you a Collections Industry Leader? Do you have ideas you want to share with other professionals in the industry? Are you doing enough to build your personal brand? We want to offer professionals in the industry the opportunity to share their tips, ideas, and insights on our blog. 

Stay Educated. Stay Connected. Get Hired.

Changing The Way The Debt Collection Industry Does Employment And Recruiting. 

About

Mission: To connect the best candidates to the leading employers in the debt collection industry.

Vision: Connection2Collections.com is a professional social network for individuals and employers in the debt collection industry. The site provides the tools and the environment where everyone in the trade can create professional profiles and connect with one another. These profiles will allow them to post their skills, be endorsed by colleagues and co-workers, and includes an interactive training program with compliance and aptitude tests. Users will work their way towards becoming Certified Collection Professionals. Our site will also connect the industry leading employers and the top candidates in the business using our "CollectorConnector" tool. We aim to extend the reach of job opportunities to all individuals across the country and give employers access to the top talent around the country. Our site will provide the environment for long lasting professional connections as well as increasing our users' awareness and education of hot topics, providing overall individual and professional growth.

Values: Stay Educated. Stay Connected. Get Hired.

Connection2Collections.com Where Jobs Find You!






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The Positive Impacts of the Debt Collection Industry

Published on:

19 September 2018 at 01:00 p.m. ET

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Written by:

Dawn Updike

Dawn Updike

Customer Success Manager

PDCflow

Popular culture portrays collection agents as shady characters who are only interested in scamming people out of their money. As ARM professionals, you already know this is untrue. Credit and collection professionals are a vital part of the nation’s economy, as well as the local communities in which you do business.

Economic Benefits

The ACA International’s Ernst & Young survey published earlier this year brought attention to the economic contributions of the ARM industry. Collection businesses pay millions of dollars in state and federal taxes annually. And the money they recover for companies results in nearly $600 in savings for each household in the country. ARM industry businesses also contribute to lowering the unemployment rate through the many jobs created by their offices and call centers.

In fact, debt collection’s economic impacts aren’t even limited to the United States. Nancy Seiverd, President of CMI Mediators Inc. went into detail on the subject of international debt collection in an article earlier this year.

“According to the World Trade Organization's 2016 review, in 2016 there was approximately $16 trillion in global trade,” says Seiverd. “Conservatively, if assuming that just 2% of this amount became significantly delinquent, one can estimate that about $360 billion of total global trade was placed with third party collection service providers in 2016.”

Community Contributions

There is also a direct link between Accounts Receivable businesses and the communities and consumers they serve. These companies give back to the community in countless ways, ranging from donating to food banks to participating in fundraising events. The ACA International Education Foundation and the California Association of Collectors Educational Scholarship Foundation even provide financial aid opportunities to college students.

As a vendor to the accounts receivable industry, PDCflow has been working to improve our own local community by partnering with our sister company for service projects. We’ve provided sponsorships benefiting the elderly, donated clothing and food items to families in need.

Helping Individuals

In addition to all these benefits, one more stands out. ARM professionals have the power to improve the well-being of each consumer you interact with.

The stress of being overwhelmed by debt can be seriously detrimental to a person’s emotional and physical health. By helping consumers resolve debts, ARM professionals don’t just provide a financial benefit to the country’s bottom line. You change lives by giving individuals a chance to have greater control over themselves, their finances and their futures.

About PDCflow

In October, PDCflow celebrates 15 years in business. We proudly provide a flexible payment hub that was created to satisfy the unique payment and compliance needs of debt collection professionals like you. Our software makes it easier than ever to collect authorizations and payments from consumers in one simple, secure workflow. For more information, please see our website at https://www.pdcflow.com/.



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ACA International

From Wikipedia, the free encyclopedia

 

ACA International, formerly American Collectors Association, is a trade group located in the United States representing collection agencies, creditors, debt buyerscollection attorneys and debt collection industry service providers. The organization was founded in 1939 as the American Collectors Association and changed its name to ACA International in 2001. ACA is based in Minneapolis, Minnesota and Washington, D.C.

ACA's members are located throughout the U.S. and more than 60 countries. The organization represents more than 230,000 men and women who work in this field.


    

Industry overview


Collection agency services to their clients include billing, customer service, insurance verification, training, data clearinghouse services and debt purchasing.


The public and private sectors rely on the recovery of consumer debt. If not repaid, it could destroy America's credit based economy; increase the price for goods and services to cover creditor losses; make credit more expensive and less available for consumers; put companies out of business as recovered debt used for rent, utilities, operations, salaries & benefits; and prompt governments relying on debt collections to increase taxes/cut spending to cover shortfalls.


In 2010, third-party collection agencies recovered $54.8 billion on behalf of creditors, according to an economic impact survey conducted by Ernst & Young. These agencies help employ more than 300,000 employees with a payroll of $10 billion. In addition, third-party collection agencies contributed more than $85 million to charitable organizations and volunteered more than 650,000 hours in 2010.


As the trade association representing these businesses, ACA International lobbies for public policy favorable to its members, provides training and credentialing resources, establishes ethical standards and promotes the value of the industry to businesses, policymakers and consumers.


http://www.acainternational.org/units 

 

 

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