Americans Warming up to Debt Collections Industry

The most recent data shows that the American public is warming up to the debt collections industry. Statistics from the Council of Better Business Bureaus place debt collectors among the top industries in terms of inquiries and complaints settled in 2015. The positive numbers have been trending consistently since 2010.

“New, convincing data from reliable sources shows that debt collectors are working everyday to help consumers and do not deserve the negative perception they are given in the media,” stated The Association of Credit and Collection Professionals (ACA International) in September 2015.

The improved public image may be attributed to compliance with stricter government regulations such as the Fair Debt Collection Practices Act  (amended in 2010) and the Telephone Consumer Protection Act (1991). There is also greater interest among collectors for preserving good will and systematically following up with customers.

Positive Public Image for Debt Collections Industry

Across the board, the numbers are favorable for the debt collections industry. In 2015, less than 2% of the 162 million total queries to nationwide BBBs concerned collections (third most). And of those queries, only six tenths of one percent were categorized as complaints. Collectors were successful in settling 84% of complaints, nearly 5% above the average among the hundreds of industries tallied.

The data between 2010 and 2015 is very consistent among all categories for the collections industry in terms of queries, complaints and complaints settled.

“The most common debt collection issue identified by consumers to the CFPB is continued attempts to collect debts the consumer contends are not owed,” stated ACA International in 2015. “These disputes, along with all other complaints made to the Consumer Financial Protection Bureau, are neither verified for accuracy nor indicative of any actual wrongdoing.”

Optio Solutions offers licensed and bonded collections services in all 50 states while maintaining certifications (PPMS by ACA International and SSAE 16 by the American Institute of CPAs) as well as compliance with PCI, GLBA and HIPAA/HITECH. The agency surpasses the performance requirements of its clients by applying advanced technology and the highest level of professional integrity and data security to ensure a quality experience for consumers. Optio Solutions employs certified collection professionals that have undergone ACA compliance training and examination. Learn how Optio can help your organization by requesting a complimentary consultation.