The Collections Industry in 2022: Charting the Course and Steering Toward Success, Part I

Staffing shortages, rising costs, and a significant shift in consumer expectations will challenge debt collectors in the coming years.

January 24, 2023 – The U.S. has exited the stormy waters of the pandemic, but it must still navigate the debris left in its wake. Record inflation rates, a strong labor market, supply shortages, and waning consumer confidence have created uncertainty in every market. Such conditions could prove favorable for debt collectors as debt exceeds wages. But debt collectors are not immune to the problems plaguing other industries. Unless companies adjust to the new level of normal seen in the marketplace, they will likely fail.

This report, sponsored by TransUnion, is the first in a two-part series that provides the latest annual look at the trends, challenges, and opportunities in the U.S. third-party collections industry. Part I focuses on the state of the industry, its operations and strategy as well as performance, and the workplace challenges facing third-party collection agencies. It primarily leverages the results of a survey of 140 U.S. third-party debt collection professionals conducted in late Q2 and early Q3 2022.

Clients of Aite-Novarica Group’s Retail Banking & Payments service can download this report and the corresponding charts.

This report mentions TransUnion.

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