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Pay up: Increased outsourcing of debt collection duties will support industry growth
Debt Collection Agencies in the US
Over the five years to 2016, revenue for the Debt Collection Agencies industry is expected to fall. Moving past the recession, growth in the industry has been tied to several distinct epochs. Initially, the high rate of credit defaults in 2011 and 2012 created an influx of industry demand. With consumers still cautious in 2013, despite rising aggregate household debt, industry revenue slightly declined. From 2013 onward, households began to more readily assume debt yet industry revenue continued to decline. This is partly attributed to more stringent supervision from the Consumer Financial Protection Bureau (CFPB) and lower recovery rates. As the deleveraging process wrapped up, aggregate household debt is expected to strengthen over the five years to 2021. However, the regulations that have been proposed by the CFPB are also likely to come to full fruition over the next five years. As a result, IBISWorld expects industry revenue to continue declining over the five years to 2021. Moreover, IBISWorld forecasts only the largest establishments will be able to take advantage of these opportunities, as rising regulatory costs will limit the number of smaller operators entering the industry.
The Debt Collection Agencies industry comprises businesses that pursue payments on debts owed by individuals and businesses. Most collection agencies operate as agents of creditors and render their services for a fee or percentage of the total amount owed. Other agencies purchase debt portfolios from creditors at deep discounts and then pursue outstanding balances for their own gain.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
Credit Card Issuing in the US
Loan Administration, Check Cashing & Other Services in the US
Credit Bureaus & Rating Agencies in the US
Debt Collection in Australia
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