Collections Insights, 2020: A Window Into the Third-Party Collections Industry

Over half of collectors indicate that consumers are harder to contact now than they were five years ago.

Boston, January 28, 2020 – The Consumer Financial Protection Bureau is in the process of setting new rules to modernize regulations governing the third-party collections industry, which is confronting a series of challenges. Consumers are harder to reach than perhaps ever before as they ditch their landlines and reject attempts to contact their mobile phones. Collectors must also make significant outlays to demonstrate compliance, secure sensitive data, and maintain a skilled workforce. But can the industry transform itself by using new technology and other innovations to thrive?

Drawing from research sponsored by TransUnion, this report documents some of the key challenges third-party collection firms are facing and the extent to which they are investing for the future. It is based on a quantitative survey of third-party debt collection professionals that Aite Group conducted in May and June 2019 as well as on 14 interviews of thought leaders in the third-party collections industry.

This 40-page Impact Report contains 31 figures and four tables. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

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