A global analysis estimates that the U.S. debt collection market is worth $18.8 billion in 2022. There has been a significant increase from just 3years ago, when it was valued at $11.6 billion. We’ve observed trends that greatly impacted and expanded the collection business year after year. Several major changes happened last year, including the significant change to the Regulation F law. The gradual transition of agencies to omnichannel communication, the digitization of banking, etc. At the rate the industry is changing, change will undoubtedly be a recurring theme through the end of this year. We believe five trends will…
Author: patriciahayden
Debt collection is not as easy as you think. If you own a business, you must run it and deal with unpaid invoices. This can drain your time, money, and, ultimately, your patience. Meanwhile, simply hoping the debtor will eventually pay up is something unreal. While you may be waiting, the debt gets mounting. Should matters reach a point at which they file for bankruptcy, there might be nothing for you to collect anymore. The best way to overcome this hassle of chasing late payments yourself is to pick the right debt collection services. Interestingly, you can preserve your resources…