Simple Answers, Huge Impact

Collector, Jan 2008 by Rippentrop, Gary D

ACA International is again working with PricewaterhouseCoopers to update our economic impact study

As a brighter legislative, regulatory and media spotlight has been cast on the credit and collection industry over the past several years, ACA has made public relations a high association priority. ACA's communications team-members of senior management and the Communications Department along with our retained PR strategist-has developed and carried out strategies to effectively communicate ACA's messages.

Strategies have included developing key messages for industry "hot topics;" cultivating relationships with reporters who cover credit and collection issues; pitching positive stories about the industry; and responding to inaccurate and unbalanced news reports-to name just a few.

To help communicate the importance of the collection industry to the U.S. economy, in 2005 the ACA Board of Directors authorized the association to commission PricewaterhouseCoopers (PwC) to conduct a major economic impact study about the industry. Among other findings, the study determined that collection agencies returned $39 billion to businesses and saved each American household $351 in 2005.

The PwC report provided compelling messages about the industry, and key stakeholders took notice. Statements from the report have appeared in The New York Times, The Washington Post, The Wall Street Journal and ABC's 20/20.

The time has come to update the data in the economic impact study. This month, PwC is contacting 1,000 U.S. collection agencies to participate. If your agency is selected, I urge you to respond to the five brief survey questions. These questions are designed to help estimate the amount of money returned to creditors and the benefit to individual consumers. Ultimately, the study's findings will help ACA respond to reporters, the Federal Trade Commission and state regulators. They will also provide a credible basis for the association's public relations efforts on Capitol Hill. Collector magazine will include a summary of the survey results in a few months.

In addition to conducting industry-wide public relations efforts, ACA also offers resources for members seeking to improve their own PR initiatives. The ACA International Education Foundation offers electronic Community Education Kits to ACA members working to educate young adults, senior citizens or the economically disadvantaged about financial issues affecting them. In April, the Foundation will help members participate in Collectors Challenge Month and National Credit Education Week. These events give credit and collection professionals a chance to shine in their communities. see page 24 for more information.

As 2008 begins, I encourage you to make community involvement and improved PR part of your company's goals. This month's cover article, "Doing Good is Good Business" (page 20), shows how several ACA members leverage their PR activities to market their businesses and improve client relations.

I also encourage you to look to your association's 2008 conferences, seminars, teleseminars and other educational opportunities to help achieve your training goals. To learn about the variety of options available to help you educate yourself and your employees, visit http://www.acainternauonal.org/campusaca and http://www.acainternauonal.org/events.

Gary D Rippentrop

By Gary D. Rippentrop, CAE

Gary D. Rippentrop, CAE, is ACAInternational's CEO. He can be reached at rippentrop@acainternational.org.