History of Consumer Complaints About Debt Collection Services
U.S. Debt Collection Agencies: An Industry Analysis Report
This report examines the $12 billion business of debt collection agencies. Complaints by consumers about harassment by collectors still exists and tops the list of complaints to the FTC. With the recession, it has gotten worse, since it has become more difficult to collect on (liquidate) accounts. Many consumers are out of work or struggling to pay for the necessities and have no funds to repay debts. ( http://www.bharatbook.com/Market-Research-Reports/US-Debt-Collection-Agencies-An-Industry-Analysis.html )
Collections is a fragmented business of 6,500 mostly small firms. Major consolidation has taken place amongst collections agencies since the late 1990’s, and one firm, NCO Financial Systems, now accounts for $1.5 billion in sales, by virtue of acquiring its biggest competitor (OSI Solutions). Technology is making firms more efficient and profitability had risen until the recession hit. After a period of strong growth from 1999-2004, top-line revenue growth has slowed substantially – only 1.6% last year. Future growth will have to come from untapped niche segments such as healthcare accounts, legal, cell phone bills, municipal government, and outsourced IRS tax debt.
The study examines industry revenues/growth, competitor profiles/rankings, consumer debt trends and industry issues, extensive operating ratios, etc. Covers national revenues (1987-2007 actual, 2008 & 2009 estimates, 2013 forecasts), latest Census data industry operating ratios. The study examines consumer debt trends, the debt buying market, outsourcing, status of IRS tax debt business, market segments, delinquencies and bankruptcy trends, and more.
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October 24th, 2009 at 8:17 am
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