MyGovWatch.com has made available for download a copy of the Fiscal Year 2013 Report to Congress on U.S. Government Receivables and Debt Collection Activities of Federal Agencies. This report is published annually by the Department of the Treasury.
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) last time, and find out about future purchases in advance. The total value of portfolios available for collection through contracting opportunities tracked through the site exceeds $50 billion.
Highlights of the data included in the report indicate:
- Delinquent, non-tax debt increased during Federal fiscal year 2013 by nearly $50 billion (31%) to $212 billion versus 2012 totals.
- The U.S. Department of Education’s total portfolio increased 18.2% during the same period, to $760.1 billion. Delinquencies increased by 42.2%, to $170.8 billion, or more than 80.5% of all non-tax Federal delinquencies.
- Private Collection Agencies (PCAs) collected $387.5 million during the same period.
The cover letter touts how the Bureau of the Fiscal Service collected a record $7 billion “at a relatively small cost to the Federal government — $58.37 are collected for every $1 spent.” The letter does not attempt to quantify the lost revenue in dollars Federal agencies make no efforts to collect, such as tax delinquencies, which are now approaching $300 billion.
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