Education Receivables Past Due Debt Collection Service

The government authority located in Buffalo, New York is seeking a collection agency to manage and collect on its educational receivable past due accounts. The agency needs to solve the problem of outstanding education debt by referring these past due accounts to an external vendor for active collection. The selected partner will handle the receipt, recording, and accounting of payments while ensuring that post-dated checks are never utilized as a collection tool. The scope of work requires the vendor to provide online account services for debtors, including secure procedures for updating payment information online. The agency requests a detailed electronic listing of transactions that indicates the debtor name, account number, payment amount, payment date, collection fee earned, interest paid, principal paid, and whether the account is paid in full. Additionally, the agency requires reporting on historical recovery percentages, comparing both the number of accounts collected against assigned accounts and the dollar value collected against assigned dollar value. Eligibility is restricted to onshore organizations based in the United States. The work may be performed either onsite or offsite over a contract period of five years. The agency is currently looking for proposals to determine the budget and has not disclosed specific evaluation criteria or key deadline dates in the initial request.