High levels of accounts receivables likely increased demand for debt collection services
IC System Inc. collects debt for small businesses, hospitals, utilities companies, rent recovery and several others. Accounts receivable for nonfinancial businesses reached more than doubled from 2014 to 2020. Nonfinancial business accounts payable rebounded into 2021. Low interest rates encouraged financing programs to increase the customer base. The high customer-business debt levels likely benefited IC System Inc’s credit check and debt collection segments.
New ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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