U.S. Department of Treasury FMS Releases Debt Collection Report to Congress

The U.S. Department of Treasury’s Financial Management Service released its annual report to Congress on the receivables and debt collection activities of federal agencies.

According to Nick Bernardo of Net Gain Marketing, the report “includes information about total receivables, collections on receivables, delinquencies, collections on delinquencies, and write-offs” related to the Federal government’s recovery efforts.

“Downloading and reading this report is a wonderful way for those agencies interested in government contracting to become acquainted with the size and scope of the needs of the Federal government,” commented Bernardo.

The report states that in fiscal year 2004, private collection agencies under contract with the Department of Education, the Department of Health and Human Services and Treasury had placements of $18.3 billion in delinquent Federal debt, up 27 percent from the $14.4 billion in placements in 2003. The collection agencies collected $610 million in 2004, a 12 percent increase from the $547 million collected in 2003.

To view or download the report from the Department of Treasury’s web site, please visit http://fms.treas.gov/news/reports/debt04.pdf.