The Association of Credit and Collection Professionals (ACA International) recently commissioned Ernst & Young to take a closer look at the economic impact that third-party collectors have had. The results of the survey were released earlier this week, giving us a more precise depiction of collectors’ contributions at the national and state levels. A complete listing of the findings can be found by clicking here, but here are some of the results that caught our eye.
Collectors in all 50 states combined to recover a gross amount of $55 Billion for a range of industries that includes healthcare, higher education, financial institutions, small businesses, and non-profit organizations. North Carolina based agencies, like PRC (Revco Solutions), were able to recover over $800 million.
Jobs and Charitable Impacts
The focus of the study was much broader than just how much third-party collections we were able to collect. While there are those who associate third-party collectors with economic hardship, the industry has shown to be responsible for providing close to 4,000 jobs in North Carolina alone while also contributing $27 Million in tax revenue at the State and Federal levels.
Finally, we have routinely made a point to highlight PRC (Revco Solutions)’s relationship with the great people at SafeChild. We were delighted to learn that there are so many collectors in the state with a strong focus on giving back to the community. Ernst and Young reported $1.6 Million and over 10,000 volunteer hours had been contributed to charitable causes by NC collectors.
The take away from the survey results should be not only the economic impact of our industry but also its commitment to citizens and the community at large.