Blog

Bad business debts hit new high

Posted: Tuesday, March 3rd, 2009

A record $14.3 billion in business accounts nationwide was placed in collection in 2008, a 23.2 percent increase from $11.6 billion in 2007, according to the Commercial Collection Agency Association. That’s up 6.2 percent from the previous record of $13.5 billion for the 12-month period ending September 2008, clear evidence of the worsening economy. The number of accounts in collection rose to almost 9.2 million in 2008, from almost 8.9 million in 2007, a 2.1 percent increase for the year. While the number of accounts and amounts continue to climb, the sour economy and increase bankruptcy filings are making it very difficult ... read more

Total Number of US Bankruptcies

Posted: Wednesday, February 18th, 2009

The total number of all US Bankruptcies filed in the third quarter of 2008 was 292,291. This represented a 34% increase over 218,909 cases filed during the same period in 2007. When you isolate business bankruptcies, those filings are up an alarming 61%. Total filings for the first nine months of 2008 were up 35% to 841,496 from 622,999 filings during the same period in 2007. Of course, the dramatic spike in both personal and business bankruptcies reflects a continued downward spiral of an economy in distress.... read more

Collection agencies chase more bills, but see revenue drop.

Posted: Monday, February 2nd, 2009

Despite conventional wisdom, collection agencies don’t prosper when the economy stumbles. Although agencies are chasing down more late bills on behalf of doctors, banks, landlords and others, their revenue isn’t growing because delinquent customers are having a harder time coming up with the cash. As a result, even collection agencies are hurt by the recession. “You have to make more calls and contact more people to get the same amount of money,” said Tracey Farrar, vice president and chief operating officer of Upstate Collection Center Inc. in Niskayuna. Brian Dunleavy, vice president of TCAR Inc., a collection ... read more

DISTRESSED / RAPIDLY-EXPANDING COMPANIES & Other Company News

Posted: Wednesday, January 21st, 2009

  A&D Reprographics, a Denver, Co. provider of printing, 3-D modeling and related services, merged with ABC Imaging of Washington, D.C. for an undisclosed amount.  Adherex, a Durham, N.C. development-stage drug developer, will be delisted next week from trading on the New York Stock Exchange after failing to meet listing requirements. The company will continue to trade shares on the Toronto Stock Exchange. ... read more

Millennium Reports 2008 Economy

Posted: Monday, December 8th, 2008

As Millennium brings in new business new opportunities have arisen for delinquent paper over 180 days.  Act read more

What makes an effective collection agency?

Posted: Friday, May 16th, 2008

We here at Millennium Collections have built our business on exceptional customer service and a skyrocketing collection ratio.  We understand the responsibility that we have to our clients - collecting a firm's receivables can mean the difference between a viable business and insolvency or even bankruptcy.  We encourage our clients to motivate their customers to pay that which is past due.  Sometimes the mere fact that a debt has been placed into collections is enough to bring the debtor back to the table.  More often than not, the debtors from who we attempt to collect money will have many outstanding debts ... read more