ACA Selects Winners of 2007 Loomer-Mortenson Scholarship

ACA International, the Association of Credit and Collection Professionals (ACA), has announced the winners of its ACA International Foundation Loomer-Mortenson Scholarship for 2007.

The Loomer-Mortenson Scholarship is dedicated to advancing the higher education of people connected to the credit and collection industry. Employees and dependents of any collection company, or those employed in a collection or credit management function, are eligible to compete for the scholarship.

One first place award of $3,000 and two second place awards of $1,000 were given this year. Winners were selected based on grade point average and an essay on the importance of financial literacy education.

First place winner Samuel Andersen, son of ACA staff member Rozanne Andersen, noted the importance of using a budget and understanding the difference between wants and needs. Not only does this help allocate money for regular household expenses, it encourages people to be mindful of each dollar they spend and in turn helps them avoid going into debt. Samuel plans to major in business at Iowa State University.

Stacey Nassauer, daughter of ACA member Christopher Nassauer, Eastern Collection Corp, Bohemia, N.Y., recognized that financial skills are important in every stage of life. Stacey pledged to think long-term and make decisions that will benefit her throughout steps such as college, career, starting a family, and creating her own business. Stacey will study psychology at the State University of New York, Purchase, N.Y.

Greta Cottington, step-daughter of ACA staff member Jean Hayes Cottington, pointed out that financial literacy is a message of universal importance. The microfinance movement is extending credit to people in underdeveloped communities, allowing those who may otherwise struggle to subsist to buy land or livestock that will help them create their own successful businesses. This newfound access to capital is improving the quality of life for many, and the cornerstone of the microfinance concept, she noted, is financial responsibility. Borrowers meet regularly to learn how their payments allow new loans to be extended to others in their village, creating benefits for the entire community. Greta is attending Tufts University in Medford, Mass.

The ACA International Foundation Loomer-Mortenson Scholarship was created in 1985 and honors the memory of ACA member Robert E. Loomer and ACA staff member Irvin "Dempsey" Mortenson.

Loomer, an ACA instructor from 1975–1984, was one of ACA’s most often requested instructors and was honored as ACA’s Certified Instructor of the Year in 1979. Mortenson was ACA’s director of public affairs from 1973–1981, and was instrumental in negotiations with congressional committees that produced the version of the Fair Debt Collection Practices Act signed into law in 1977.