The April 2024 report shows third-party collections firms under pressure to boost margins and modernize technology, yet many lack core tools or are slow to adopt new ones. Communication still relies heavily on letters (98%) and phone calls (93%), with text messaging at 40% and growing. Key tools include online portals (79%), collection management software (78%), and manual skip tracing (77%), with self-service portals more common among large firms. AI/ML adoption is low at 11%, though 60% are exploring or deploying it for payment prediction, virtual negotiation, and customer segmentation, signaling gradual but necessary technological progress.

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