Survey analyzes Idaho collectors' economic impact

According to a recent report from advisory firm Ernst and Young, Idaho debt collection agencies directly employed 303 people in 2011, the Idaho Statesman reports. The study analyzed the economic impact of agencies in all 50 states. In Idaho specifically, firms had a total payroll of $9 million. When combined with the added income of the nearly 200 indirect jobs provided, that number skyrockets to $15 million. Furthermore, collection agencies and their employees paid the state $800,000 in local taxes and $1 million in federal taxes. Also, third-party firms recovered nearly $130 million for creditors - only a small portion of the $55 billion that was collected overall. Charities also received help from collections in Idaho, as agencies donated more than $320,000 to worthy causes, and put in nearly 2,000 hours of volunteer work. "Recovering these debts helps organizations survive, prevents layoffs, keeps cost down and credit, goods and services available and reduces the need for tax increases to cover government budget shortfalls," said Pat Morris, chief executive officer of ACA International, as quoted by the media outlet. The news source notes in a separate article that debt buying is on the rise in the state. From 2009 to 2011 alone, the number of debt buyers grew from 44 to 99.