Collection Agencies Article Author: Bureau of Labor Statistics
Employment of bill and account collectors is expected to grow faster than the average for all occupations through 2014. Cash flow is becoming increasingly important to companies, which are now placing greater emphasis on collecting unpaid debts sooner. Thus, the workload for collectors is expected to continue to increase as they seek to collect not only debts that are relatively old, but ones that are more recent. Also, as more companies in a wide range of industries get involved in lending money and issuing their own credit cards, they will need to hire collectors, because debt levels will likely continue to rise. In addition to job openings from employment growth, a significant number of openings will result from the high level of turnover in the occupation. As a result, job opportunities should be favorable.
Hospitals and physicians’ offices are two of the fastest growing industries requiring collectors. With insurance reimbursements not keeping up with cost increases, the health care industry is seeking to recover more money from patients. Government agencies also are making more use of collectors to collect on everything from parking tickets to child-support payments and past-due taxes. Finally, the Internal Revenue Service (IRS) is looking into outsourcing the collection of overdue Federal taxes to third-party collection agencies. If the IRS does outsource, more collectors will be required for this large job.
Despite the increasing demand for bill collectors, employment growth may be limited due to an increased use of third party debt collectors, who are generally more efficient than in-house collectors. Also, some firms are beginning to use offshore collection agencies, whose lower cost structures allow them to collect debts that are too small for domestic collection agencies. Contrary to the pattern in most occupations, employment of bill and account collectors tends to rise during recessions, reflecting the difficulty that many people have in meeting their financial obligations. However, collectors usually have more success at getting people to repay their debts when the economy is good.
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