NAICS Code 561440-03 - Collection Systems

Marketing Level - NAICS 8-Digit

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NAICS CODE 561440-03
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NAICS Code 561440-03 Description (8-Digit)

Collection Systems is a subdivision of the Collection Agencies industry that involves the management and operation of systems used to collect debts and payments from individuals or businesses. This industry is responsible for creating and implementing efficient and effective collection strategies to recover outstanding debts and payments.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 561440 page

Tools

Tools commonly used in the Collection Systems industry for day-to-day tasks and operations.

  • Debt collection software
  • Payment processing software
  • Customer relationship management (CRM) software
  • Automated dialing systems
  • Skip tracing tools
  • Credit reporting tools
  • Legal document preparation software
  • Electronic payment processing tools
  • Call recording software
  • Data analytics tools

Industry Examples of Collection Systems

Common products and services typical of NAICS Code 561440-03, illustrating the main business activities and contributions to the market.

  • Debt collection systems
  • Payment collection systems
  • Medical billing collection systems
  • Utility bill collection systems
  • Student loan collection systems
  • Tax collection systems
  • Retail debt collection systems
  • Mortgage collection systems
  • Auto loan collection systems
  • Credit card collection systems

History

A concise historical narrative of NAICS Code 561440-03 covering global milestones and recent developments within the United States.

  • The "Collection Systems" industry has a long history dating back to the early 20th century when the first collection agencies were established in the United States. These agencies were primarily focused on collecting debts for businesses and individuals. In the 1960s, the industry saw a significant shift towards automation and technology, with the introduction of computer systems and software to manage collections. This allowed for more efficient and effective debt collection processes. In recent years, the industry has continued to evolve with the rise of digital communication and online payment systems. Today, collection systems are highly sophisticated and utilize a variety of tools and techniques to collect debts, including skip tracing, credit reporting, and legal action. In the United States, the "Collection Systems" industry has faced increased scrutiny in recent years due to concerns over consumer privacy and debt collection practices. In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed, which established the Consumer Financial Protection Bureau (CFPB) to regulate the industry and protect consumers. The CFPB has since implemented a number of regulations aimed at improving transparency and fairness in debt collection practices. Additionally, the industry has seen a rise in alternative debt collection methods, such as debt settlement and debt consolidation, which offer consumers more flexible options for managing their debts.