The facts: Ethical collection agencies contribute to society more than you think.
Posted in Industry News, Miscellaneous, Our Blog on February 6, 2012February 6th, 2012 – Minneapolis, Mn
One of the battles that an ethical collection agency fights is the perception that all collection agencies are the “bad guy”. While it is true that there is a segment of companies in this industry that make us all look bad, this is not true of the vast majority of collection agencies.
Consider this: The 2011 Ernst & Young study done in conjunction with ACA International shows that an ethical Minnesota collection agency can be proud of it’s contribution to the economy!
Returning Assets
Gross Amount Recovered: $1.8 B
Providing Minnesota Jobs
Direct Collections Jobs: 4,765
Direct Payroll: $183 M
Direct & Indirect Jobs: 9,458
Direct & Indirect Payroll: $363 M
Paying Taxes
Direct State / Local Taxes: $19.3 M
Direct Federal Taxes: $17.8 M
Total State / Local Tax Impact: $38.0 M
Total Federal Tax Impact: $34.5 M
Giving Back to Minnesota
Charitable Contributions: $1.5 M
Employee Volunteer Hours: 17,500
Sources: Ernst & Young, 2011 www.acainternational.org/impact & U.S. Government
A video showing the full impact of these agencies can be seen here: Impact of Third Party Debt Colection on the Economy
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