Debt Collection Treasury Faces Challenges in Implementing Its Cross- Servicing Initiative
Abstract
FMS has taken several steps to encourage agencies to refer eligible debt and increase collections. However, the results thus far have been limited partly due to much of the eligible debt not being promptly referred and the age of the debts referred generally being significantly older than 180 days delinquent. For example, our analysis of debts referred since the inception of the program though May 1999 showed that almost one half of the dollar value of the debts referred were over 4 years delinquent at the time of referral. FMS reported that approximately $46.4 billion of debts were delinquent over 180 days as of September 30, 1998. However, primarily due to a significant amount of these debts being reported by the agencies as excluded from cross-servicing requirements, through April 2000, FMS reported only about $3.7 billion has been cumulatively referred to it since the cross-servicing program began in September 1996. From the inception of the program through April 2000, FMS reported that about $54 million has been collected by its collectors and the PCAs on these referred debts.
Document Details
- Document Type
- Technical Report
- Publication Date
- Jun 08, 2000
- Accession Number
- ADA378158
Entities
People
- Gary T. Engel
Organizations
- United States Government Accountability Office