The R705 Product and Service Code (PSC) pertains to Debt Collection Services, encompassing activities related to the recovery of delinquent debts owed to government agencies. This PSC covers a wide range of services including credit reporting, debt collection consulting, negotiation, and legal actions to secure repayment. Government agencies use this PSC to engage contractors who specialize in managing and collecting outstanding receivables, ensuring compliance with federal regulations and maximizing recovery efforts. These services are critical for maintaining the financial integrity of federal programs and recouping funds from defaulted loans, fines, fees, or other obligations.

Typical Buyers & Agencies for PSC R705

Federal agencies with significant receivables such as the Department of Treasury, Department of Education, Department of Veterans Affairs, and Social Security Administration commonly procure services under this PSC. These agencies require specialized expertise to recover debts from individuals, businesses, or other entities in compliance with federal laws and regulations. Contracting under R705 enables these agencies to outsource complex debt collection activities to experienced firms, improving efficiency and increasing the likelihood of successful recovery while maintaining proper handling of sensitive financial information.

Common Contract Types for PSC R705

Contracts under PSC R705 commonly include fixed-price, cost-reimbursement, and time-and-materials agreements depending on the scope and duration of debt collection efforts. Procurement methods often involve competitive bidding through Requests for Proposals (RFPs) or Requests for Quotations (RFQs), with some contracts awarded on a task order basis under existing Government-wide Acquisition Contracts (GWACs) or Indefinite Delivery Indefinite Quantity (IDIQ) vehicles. Typical use cases include ongoing management of delinquent accounts, one-time recovery projects, and consulting services on debt recovery strategies.

Plain-Language Breakdown for PSC R705

Covers comprehensive debt collection and recovery services for federal agencies.
Frequently utilized by agencies managing large volumes of delinquent government receivables.
Supports compliance with federal debt collection laws and regulations.
Contracts vary from fixed-price to cost-reimbursement depending on project scope.
Often awarded through competitive procurement methods including GWACs and IDIQs.
Commonly associated with NAICS 561440 and 541213 for financial and collection services.

Related Categories for PSC R705

Other categories at the same level as R705

R701 SUPPORT- MANAGEMENT: ADVERTISING

Advertising Services

R702 SUPPORT- MANAGEMENT: DATA COLLECTION

Data Collection Services

R703 SUPPORT- MANAGEMENT: ACCOUNTING

Accounting Services (NOTE: New code created for Financial Services See R710 below)

R704 SUPPORT- MANAGEMENT: AUDITING

Auditing Services

R706 SUPPORT- MANAGEMENT: LOGISTICS SUPPORT

Logistics Support Services

R707 SUPPORT- MANAGEMENT: CONTRACT/PROCUREMENT/ACQUISITION SUPPORT

Contract, Procurement, and Acquisition Support Services

R708 SUPPORT- MANAGEMENT: PUBLIC RELATIONS

Public Relations Services(includes writing services, event planning and management, media relations, radio and television analysis, and press services)

R710 SUPPORT- MANAGEMENT: FINANCIAL

Financial Services (includes credit card services and any other financial services. See revision to description for code R703 above)

R711 SUPPORT- MANAGEMENT: BANKING

Banking Services(includes accepting and cashing government checks and other payment instruments, accepting direct deposits, accepting payments to the government from the public)

R712 SUPPORT- MANAGEMENT: COIN MINTING

Coin Minting

R713 SUPPORT- MANAGEMENT: BANKNOTE PRINTING

Banknote Printing

R799 SUPPORT- MANAGEMENT: OTHER

Other Management Support Services

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