Motley Fool's Mike King on CLH, page-26

A great series of posts @Madtrader. CCP appear conservative in their accounting treatment of PDLs, some may argue undercooking their true profitability.
Michael Wu (investorwag) has done some great analysis comparing CCP & CLH and the use of a number of ratios to highlight the differences (see link below). Baycorp also wrote a position paper on the different accounting treatments a while back which I also find useful

I have used these on CCP and PNC as a comparison for FY2016:
PDL Amortisation/PDL Cash Collections: CCP 0.39, PNC 0.217
PDL Collections/PDL Carry Value: CCP 1.5, PNC 0.54
PDL Amortisation/PDL Carry Value: CCP 0.58 PNC 0.118
Cost to collect ratio: CCP 0.34 PNC 0.50

http://investorwag.com/2012/09/27/revisited-battle-of-the-debt-collectors/

Disclosure: Long CCP & PNC