Tools commonly used in the Debt Buyers industry for day-to-day tasks and operations.

• Skip tracing software
• Debt collection software
• Automated dialing systems
• Payment processing software
• Credit reporting software
• Legal software for filing lawsuits
• Data analytics software for risk assessment
• Document management software for record keeping
• Customer relationship management (CRM) software
• Compliance management software

Common products and services typical of NAICS Code 522320-06, illustrating the main business activities and contributions to the market.

• Unpaid credit card debt
• Unpaid medical bills
• Unpaid utility bills
• Unpaid personal loans
• Unpaid auto loans
• Unpaid student loans
• Unpaid rent or lease payments
• Unpaid phone bills
• Unpaid cable or internet bills
• Unpaid payday loans

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

• Debt Buyer License: A license required by some states in the US to operate as a debt buyer. It is issued by the state's Department of Financial Institutions or similar regulatory body. The requirements for obtaining this license vary by state.
• Fair Debt Collection Practices Act (FDCPA) Compliance: A certification that ensures debt buyers comply with the FDCPA, a federal law that regulates debt collection practices. It is issued by the National Association of Certified Credit Counselors.
• Certified Receivables Compliance Professional (CRCP): A certification that demonstrates expertise in the receivables management industry, including debt buying. It is issued by Receivables Management Association International.
• Certified Debt Buyer (CDB): A certification that demonstrates expertise in the debt buying industry. It is issued by the Debt Buyers Association.
• Certified Receivables Specialist (CRS): A certification that demonstrates expertise in the receivables management industry, including debt buying. It is issued by Receivables Management Association International.

A concise historical narrative of NAICS Code 522320-06 covering global milestones and recent developments within the United States.

• The debt buying industry has been around for decades, with the first debt buyers emerging in the 1980s. These early debt buyers were typically small, local businesses that purchased delinquent debts from banks and other lenders at a discount and then attempted to collect on them. In the 1990s, the industry began to grow rapidly, with larger companies entering the market and buying up large portfolios of debt. The industry continued to expand in the 2000s, with the rise of online debt marketplaces and the increasing availability of data and analytics to help debt buyers identify and purchase profitable debt portfolios. In recent years, the industry has faced increased scrutiny from regulators and consumer advocates, with concerns about debt buyer practices and the accuracy of debt information. In the United States, the debt buying industry has seen significant growth in recent years. According to a report by the Consumer Financial Protection Bureau, the number of consumer debt accounts sold to debt buyers increased from 90 million in 2010 to 140 million in 2013. This growth has been driven in part by the increasing availability of debt information and analytics, which has made it easier for debt buyers to identify and purchase profitable debt portfolios. However, the industry has also faced increased regulatory scrutiny in recent years, with concerns about debt buyer practices and the accuracy of debt information. Overall, the debt buying industry has a complex history, with both positive and negative developments over the years.

The anticipated future trajectory of the NAICS 522320-06 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Stable

  The future outlook for the Debt Buyers industry in the USA is positive. The industry is expected to grow in the coming years due to the increasing amount of debt in the country. Debt buyers are expected to benefit from the growing demand for debt purchasing services, as well as the increasing number of consumers who are unable to pay off their debts. The industry is also expected to benefit from the growing trend of debt consolidation, which is expected to increase the amount of debt available for purchase. However, the industry may face challenges due to the increasing regulatory scrutiny and the potential for increased competition from other debt buyers. Overall, the industry is expected to continue to grow in the coming years, driven by the increasing demand for debt purchasing services.

Recent groundbreaking advancements and milestones in the Debt Buyers industry, reflecting notable innovations that have reshaped its landscape.

• Use Of Artificial Intelligence (AI) and Machine Learning (ML) to Analyze Data and Predict Consumer Behavior: Debt buyers are increasingly using AI and ML to analyze data and predict consumer behavior. This technology allows debt buyers to identify consumers who are more likely to pay off their debts, as well as those who are more likely to default. This helps debt buyers to make more informed decisions about which debts to purchase and how much to pay for them.
• Use Of Big Data Analytics to Identify Potential Debtors: Debt buyers are also using big data analytics to identify potential debtors. This technology allows debt buyers to analyze large amounts of data to identify consumers who are more likely to have debt, as well as those who are more likely to default. This helps debt buyers to target their marketing efforts more effectively and to purchase debts that are more likely to be paid off.
• Development Of New Debt Purchasing Platforms: Debt buyers are developing new debt purchasing platforms that allow them to purchase debts more efficiently and at a lower cost. These platforms use advanced technology to streamline the debt purchasing process, reducing the time and cost involved in purchasing debts.
• Expansion Into New Markets: Debt buyers are expanding into new markets, both domestically and internationally. This allows them to diversify their portfolios and reduce their risk exposure. Debt buyers are also expanding into new asset classes, such as student loans and medical debts, which offer new opportunities for growth.
• Collaboration with Debt Collection Agencies: Debt buyers are collaborating with debt collection agencies to improve their debt recovery rates. This collaboration allows debt buyers to leverage the expertise of debt collection agencies to recover debts more effectively. Debt buyers are also working with debt collection agencies to develop new debt recovery strategies, such as offering debtors payment plans and debt settlements.