The Collection Industry Offers Employment Opportunities Regardless of Economic Trends

MINNEAPOLIS, MN – At a time when unemployment rates are up, markets are down and many businesses are facing huge layoffs, the collection industry is growing, creating new jobs and, in turn, having a positive effect on the world economy.

“The collection industry offers various employment opportunities in both stable and harsh economic conditions,” said Gary Rippentrop, CEO of ACA International, the Association of Credit and Collection Professionals. “The need for collection services exists virtually everywhere in the world, in every type of market. The profession offers flexibility and mobility, and shows no sign of recession.”

Recent estimates by the Bureau of Labor Statistics project collection industry employment levels to increase 35 percent or more by 2008, creating more new jobs than any other small-business-dominated industry. Many believe the reason for this growth lies in the industry?s ability to adapt to various economic climates.

?During a recession more accounts are placed for collections, so companies increase their staff to meet the demand. On the other hand, during a healthy economy accounts are more collectible, so companies have increased revenue to add new positions,? Rippentrop said.

As employment rates continue to decline, the collection industry offers many opportunities for advancement to those looking for a career change or job security.

Additionally, to comply with both federal and state regulations, most collection agencies provide thorough training to new employees. The training usually includes education about federal and state laws governing the industry, as well as effective and ethical collection practices. This unique system is a tremendous boost to professionals who may be struggling to find a stable, competitive salary but who may not have a lot of formal education.

By hiring and training sophisticated professionals to handle overdue accounts, collection services have the power to return money to creditors and help stabilize the economy. Therefore, as long as businesses continue to provide borrowing and lending services to consumers, the collection industry will remain a strong employment resource in the future.

ACA International, formerly known as the American Collectors Association Inc., is the association of credit and collection professionals. Founded in 1939, ACA International has approximately 5,300 members, including third-party collection agencies, attorneys, credit grantors and vendor affiliates. Headquartered in Minneapolis, ACA International serves members in the United States, Canada and 58 other countries worldwide. For more information visit our new Web site at www.acainternational.org.