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.

Want to learn more about the latest in communications and technology? Then be sure to attend ITEXPO Miami 2013, Jan 29- Feb. 1 in Miami, Florida.  Stay in touch with everything happening at ITEXPO (News - Alert). Follow us on Twitter.




Edited by Brooke Neuman

Article comments powered by Disqus

Related Accounts Receivable Management Articles

Wipro to Offer Chesapeake's Financial Suite

Wipro, a leading information technology and consulting company, and Chesapeake, a premier financial software solutions firm, have announced a global partnership today. The alliance will allow Wipro to offer Chesapeake's suite of financial software solutions, encompassing Reconciliation Management and Balance Sheet Integrity (T-Recs Enterprise) as well as Treasury & Cash Management and Bank Payment Management (SmartTreasury and SmartAnalysis). They will be offered both as a cloud-based applicatio… [ Read More ]
09/16/2014

University of Maryland Program Prepares Students for Accounts Receivable Management Positions

University of Maryland has program that emphasizes accounts receivable worlflow automation skills. [ Read More ]
09/15/2014

Tungsten to Acquire Accounts Payable Automation Provider DocuSphere

As everyone in business is aware, there are areas within organizations that historically have been very people and time intensive, and until recently, resistant to automation for a variety of reasons. In fact, interestingly the transactional part of the business having to do with the billing and collection of money-accounts receivable (AR) and accounts payable (AP) - have been slow to adopt state-of-the-art processing and workflow automation solutions. However, this trend to be late adopters is … [ Read More ]
09/04/2014

Accounts Payable Solutions Provider Direct Insite gets Industry Recognition

Let's face it, companies not only like to get paid but they like to do so in a timely and cost-effective manner. Indeed, reducing the costs of accounts receivable management (ARM) processes, which traditionally have been time-consuming and manually intensive, is one of the reasons why this part of the overall business process optimization industry is so hot. [ Read More ]
09/04/2014
FREE Accounts Receivable Management enewslettter.

Events

Weekly Live Demo
Contact Center Solutions

Register Today!


Weekly Live Demo
CaaS Small Center

Register Today!