Collector - February 2020 - 14

FYI

COMMUNICATION

A CLOSER LOOK
AT CONTACT RATES
Right-party contact rates in the
accounts receivable management
industry are down for a variety of
reasons, but chiefly because most
collection agencies rely on phone
calls and many consumers just don't
want to talk on the phone (or they
have a call blocking app in place to
prevent debt collection calls from
connecting). A majority of thirdparty collection agencies (58%)
responding to a recent TransUnion
survey believe that it is more difficult
to contact consumers today than
it was five years ago. The survey
reports that many interviewees noted
that "contact attempts are viewed
by consumers with a high degree
of skepticism as to whether the
company calling is even legitimate.
The 'catch-22' of having to ask that
consumer for information before
revealing details of why the collector
is calling is a high hurdle."

CREDIT

4%

78

$

12%
32%
26%

Amount of revolving
credit held by average
1970s household. Today,
Americans average $8,000.

26%

Source: Clever Real Estate

Compared to five years ago, how
would you describe the level of
difficulty in contacting a consumer?

HEALTHCARE

The global medical
billing outsourcing
market is projected to
reach $19.7 billion
by 2026, expanding at
a compound annual
growth rate of 11.8%.

Far more difficult
Somewhat more difficult
About the same level of difficulty
Somewhat less difficult
Far less difficult
Source: TransUnion/Aite Group third-party debt collection survey

Financial Literacy Scores by Generation

PERSONALFINANCE

The survey examined how respondents from each
generation fared with the financial literacy questions.
Baby boomers performed the best, with an average
score of 76%, and millennials trailed behind at 56%
correct. One example: millennials are less likely to
consider the annual percentage rate when choosing a
credit card than baby boomers.

14

Generation X

Millennial

Overall

76%
69%
56%

Credit

81%
77%
65%

Credit Cards

A recent financial literacy survey conducted by
Clever Real Estate asked 1,000 U.S. consumers
questions related to credit cards, loans and credit
scores. Respondents answered 67% of the questions
correctly, scoring highest on the topics of credit
scores (74%), credit cards (66%) and more general
loans (61%). However, the survey authors note, "If our
survey was a college exam, our students would have
earned a solid D."

Baby Boomer

75%
67%
56%
74%

Loans

FINANCIAL LITERACY:
A GENERATIONAL DIVIDE

Source: Grand View Research

0

64%
47%
10%

20%

30%

40%

50%

60%

70%

80%

90%

Source: Clever Real Estate Financial Literacy Survey, 2019

ACAINTERNATIONAL.ORG


http://www.ACAINTERNATIONAL.ORG

Collector - February 2020

Table of Contents for the Digital Edition of Collector - February 2020

Presidents Page
Industry News
Best Practices
FYI
Collection Tips
Overlapping Responsibilities?
Taking on Tax Time
Making Connections in D.C.
Calendar
Honor Roll
Education Spotlight
Creative Solutions
Ask the Experts: Reaching Out
Legal Liability & the FDCPA
Advocacy and Parenthood: Not So Different
Your Opinion Matters
Beyond the Boundary of the Law
ACA SearchPoint
Membership
Ad Index
Last Word
Collector - February 2020 - Cover1
Collector - February 2020 - Cover2
Collector - February 2020 - 1
Collector - February 2020 - 2
Collector - February 2020 - 3
Collector - February 2020 - 4
Collector - February 2020 - Presidents Page
Collector - February 2020 - Industry News
Collector - February 2020 - 7
Collector - February 2020 - 8
Collector - February 2020 - 9
Collector - February 2020 - 10
Collector - February 2020 - 11
Collector - February 2020 - Best Practices
Collector - February 2020 - 13
Collector - February 2020 - FYI
Collector - February 2020 - 15
Collector - February 2020 - Collection Tips
Collector - February 2020 - 17
Collector - February 2020 - Overlapping Responsibilities?
Collector - February 2020 - 19
Collector - February 2020 - 20
Collector - February 2020 - 21
Collector - February 2020 - Taking on Tax Time
Collector - February 2020 - 23
Collector - February 2020 - 24
Collector - February 2020 - 25
Collector - February 2020 - Making Connections in D.C.
Collector - February 2020 - 27
Collector - February 2020 - 28
Collector - February 2020 - 29
Collector - February 2020 - 30
Collector - February 2020 - 31
Collector - February 2020 - Calendar
Collector - February 2020 - Honor Roll
Collector - February 2020 - Education Spotlight
Collector - February 2020 - 35
Collector - February 2020 - Creative Solutions
Collector - February 2020 - 37
Collector - February 2020 - Ask the Experts: Reaching Out
Collector - February 2020 - 39
Collector - February 2020 - Legal Liability & the FDCPA
Collector - February 2020 - 41
Collector - February 2020 - Advocacy and Parenthood: Not So Different
Collector - February 2020 - 43
Collector - February 2020 - Your Opinion Matters
Collector - February 2020 - 45
Collector - February 2020 - Beyond the Boundary of the Law
Collector - February 2020 - 47
Collector - February 2020 - ACA SearchPoint
Collector - February 2020 - 49
Collector - February 2020 - Membership
Collector - February 2020 - Ad Index
Collector - February 2020 - Last Word
Collector - February 2020 - Cover3
Collector - February 2020 - Cover4
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