New Debt Purchaser/Collector Hopes to Bring 1,100 Jobs to Arizona

Arizona remains in the spotlight as the place to be for new jobs. Capital Collection Bureau is a new collection agency in Phoenix, AZ, which anticipates opening its doors in late August 2006. CCB is a debt buyer with plans to purchase $450M worth of debt in its first year alone. The Arizona Republic has been covering the story.

CCB has been created to take advantage of the explosive debt resale markets, which have been growing by 30% per year. In 2003 alone it is estimated that $75 billion in charged off debt was sold. In the 3rd quarter of 2005 VC firms and others invested $1.6 billion in the collections industry.

CCB?s initial plans are to open its corporate office and first call center in Tempe, AZ, and then to add two additional call centers employing 1,100 people by the end of 2007. CCB will invest over $10M in infrastructure, $8M in state of the art software and technologies, and $1.5M in marketing and advertising. CCB specializes in collecting debts that have heretofore gone fallow. Miller Rees, Senior Vice President of Administrative Operations states, ?If you provide your employees with the tools and procedures they need, there is nothing you cannot accomplish.?

CCB will take the standard collection agency model and turn it upside down. The corporate philosophy revolves around people first. CCB is hiring the best and brightest nationwide. The top seven members of the management team have 139 years of combined experience in the collections field.

The employees? benefit package includes ?no employee cost? health care coverage for the entire family, as well as a domestic partner provision, subsidized on-site daycare, and pet health insurance options. CCB will offer ten weeks of paid training to new hires, company credit cards, and an on-site cafeteria managed by a nationally renowned chef. Moreover, ?people first? doesn?t stop at the door. Part of the company policy involves a mandate to treat debtors with the same respect and courtesy as is extended to fellow employees. Additionally, CCB has systems, subsidiary companies, and national networks that will allow it the flexibility to outperform companies that adhere to the classic collections model. Lori Moriarty, CEO of CCB says, ?CCB will bring credibility to the collections industry; something it has been sorely lacking. Everyone knows collection agencies are effective; we have taken this one step further. We are effective and professional.?