The debt collection industry collects over $60 billion in debt annually, generating around $12 billion in revenue. There are over 4,100 debt collection agencies in the US, employing around 150,000 people and paying $5 billion in payroll each year. Debt collectors are required to follow regulations like the Fair Debt Collection Practices Act that govern practices and protect consumers. The total amount of debt in the US that could potentially be collected is enormous, including over $11 trillion in total debt and at least $854 billion in credit card debt.

1. The State of Debt CollectionThe State of Debt Collection

2. What is debt collection?
A debt collector is anyone that regularly collects debts for others. Debt is
money that is owed and not paid on time. This can be done for anyone: your
local plumber trying to get paid for a job he did, a doctor that’s owed money
for a procedure, or a mobile phone provider that has late paying customers.

3. • C R E D I T O R •• C R E D I T O R •
What’s required of debt collectors?
Debt collectors are required to follow many rules and
regulations, among them:
The Fair Debt Collection Practices Act governs debt collection
practices at the Federal level (there are others for the state level).
The FDCPA defines prohibited and allowed practices in debt
collection.
The Telephone Consumer Protection Act defines legal practices for
making business phone calls.
The Fair Credit Reporting Act regulates the collection and use of
consumer credit information.

4. How many debt collectors are there?
90% of firms
employ 15 employees or less
(Consumer Finance Protection Bureau)
150,000
Employees
4100
Debt collection agencies
$5 Billion
In payroll

5. $12 Billion
Total revenue per year
$60 Billion
Total collected per year
How big is the debt collection industry?
Debt collectors in the US generate about $12 Billion a year in
revenue, collecting more than $60 Billion in debt

6. How do debt collectors make money?
Contrary to popular belief, a majority of debt collectors make money by
collecting debts for a third party like a merchant or a bank, without buying
the debt. This is called working on a "contingency basis" and it means the
debt collector only earns money when they are able to collect.
TrueAccord works on a contingency basis for companies today.

7. $854.2 Billion
U.S Credit card debt
$11.68 Trillion
11.68 trillion in U.S debt
$8.15 Trillion
U.S Mortgage debt
How much debt is there to collect?
At least 30 Million Americans have a debt collection item on their
credit report, at an average of $1500 per item.
$1,115.3 Billion
U.S Student loan debt

8. Debt collection is an essential part of the
U.S economy.
The challenge is doing it right. TrueAccord is pioneering a new
way to treat the recovery of lost funds and the relationship that
was lost with them.
TrueAccord.com