MINNEAPOLIS -

ACA International released its first whitepaper on Tuesday as part of a new research initiative that aims to collect more original data about the credit and collection industry.

Officials explained the goal of this exclusive research and analysis is to quantify the ways that debt collectors help consumers and the overall economy.

This first whitepaper titled, Diversity in the Collections Industry: An Overview of the Collections Workforce, shows that the credit and collection industry has one of the more diverse workforces in the U.S. Using U.S. Census data and information from the Bureau of Labor Statistics, ACA found that while women constitute roughly 47 percent of the overall U.S. workforce, women make up 70 percent of the total collections workforce.

As a further testament to the diversity of the industry, the report highlighted racial and ethnic minorities account for 40 percent of the total collections workforce today. Specifically among women, ACA International noted racial and ethnic minorities also account for 40 percent of the total workforce population.

“The stereotypical image of a debt collector couldn’t be further from the truth,” said ACA International director of research Josh Adams, who wrote the report.

“Women and people of color play a significant and important role at collection agencies nationwide,” Adams continued.

As part of the new research initiative, ACA also conducted a membership survey this past fall.

According to the survey, 24 percent report being a minority of women-owned business; and these firms are creating jobs for even more people.

And while The National Women’s Business Council found that, as of 2012, roughly 89 percent of women-owned businesses “[had] no employees other than the owner,” ACA’s survey found that 95 percent of minority or women-owned firms employed an average of 22 employees.

“The data shows that debt collection professionals reflect the diversity of the US consumer population,” ACA International chief executive officer Patrick Morris said.

“The stereotype of the debt collector portrayed in the media is simply not true, and this is good for the industry as well as the consumer,” Morris continued. “More diversity in the collection agency workforce means more good ideas on how to fairly and amicably resolve accounts with a diverse consumer base.”

The entire whitepaper can be downloaded here.