Accounts Receivable Management Featured Article

Debt Collection Adds $45B to the American Economy Each Year

January 24, 2013

Oliphant Financial is hiring agents for its debt collections call center in Lakewood Ranch, Fla. According to company spokespersons, the center will hire 70 new employees in 2013 and should hire about 200 more people within the next three years.

Oliphant buys and sells charged-off credit card portfolios. In other words, if a large retailer has a collection of receivables that it can’t recoup, the retailer can sell the receivables to Oliphant. Because Oliphant has started to do more of its collections in-house and is collecting debt that it doesn’t own, the company has had to hire more employees to keep up with its workload.

Debt collectors get a bad rap, and many agents hesitate to work in what can be a high-stress industry. However, the debt collection industry does more good than most people realize. In fact, debt collection makes a significant contribution to the American economy.

According to an Ernst & Young study for the Association of Credit and Collection Professionals (ACA International), debt collectors collect an average of $44.6 billion dollars per year. The industry creates about 150,000 jobs and donates over $85 million to charity each year. Statistics show that households save about $396 annually thanks to the work of debt collectors. They collect over $1 billion in federal, state and local taxes.

Most collection companies don’t call customers late at night. They don’t threaten customers with profanity, and they don’t harass people at work. Many times, collectors actually help businesses and consumers find ways to pay their debts. They work with individuals, companies and public sector agencies. Their work helps these organizations to avoid layoffs, keep credit available to customers and to keep business and government budgets balanced.

More than 30 million consumers are estimated to be in collections with an average of $1,400 in debt for each customer. Healthcare debt accounts for more than half of what Americans owe, followed by credit card debt in second place.

The states with the highest number of debts collected are Texas, New York, California, Florida and Illinois.

People who are interested in Lakewood Ranch jobs with Oliphant Financial should submit resumes to Oliphant Financial or call its Employee Relations department. The company expects to hire three to seven agents per week until it reaches its quota.

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Edited by Brooke Neuman

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