MyGovWatch.com has concluded a research effort revealing that an estimated 67% of government and higher education requests for proposals (RFPs) are real opportunities available to collection agency vendors.
Through analysis of the last 100 contracts awarded to collection firms by higher education and government buyers, MyGovWatch.com staff determine that two-thirds of those procurements resulted in contract awards falling into one of three categories: new contracts, where the buyer did not previously have a vendor for the service; contracts in which a vendor or vendors replaced the incumbent(s); or, contracts in which the buyer added an additional vendor to compete with an already-contracted collection agency.
The study was compiled based on documents obtained via the Freedom of Information Act (FOIA) and open records requests for the last 100 contracts awarded to collection firms by higher education and government buyers dating to early 2013. Three such examples include:
- Lakewood, NJ, had never previously outsourced the collection of delinquent court files. As a result of a 2013 procurement, it hired Pioneer Credit Recovery to pursue collection of those fines.
- Morris County College, also in New Jersey, previously contracted with Security Credit Systems, but issued an RFP in 2013 that resulted in awards to Enterprise Recovery Systems and AR Resources. Placements consisted of 1,500 accounts totaling $1.6 million in past-due tuition and fees.
- Florida State College at Jacksonville previously hired collection agencies from 2007 through 2013. As a result of its 2013 procurement, three additional vendors were added to the contract. The contract award represented 399 accounts totaling nearly $197,000 in institutional receivables.
MyGovWatch.com offers subscribers insider access to the past, present, and future of government and student loan contracting, allowing users to know what’s out for bid now, learn why and how different buyers picked their vendor(s), and find out about future purchases in advance. The site recently launched its revamped vendor center featuring enhanced search capabilities that make it easy to look up prices submitted by bidders nationally. In a press release published in May 2013, it was announced that the total value of portfolios available for collection through contracting opportunities tracked by MyGovWatch.com exceeded $50 billion.
MyGovWatch.com is a website owned and operated by Net Gain Marketing. It is the only information repository of its kind, fully dedicated to providing valuable information to users specifically about higher education and government debt collection purchasing activity. Read more about why current users love the site here: http://www.netgain4results.com/net-gain-marketing/b2g/mygovwatch