Alaska Businesses Have Lowest Past Due RateWisconsin businesses edge out Michigan, Oregon for most past due bills title in Cortera's latest Past Due by State report Regional economic struggles continue to add stress as delinquent payments increase
QUINCY, Mass. & BOCA RATON, Fla.--(BUSINESS WIRE)--Cortera, a community-driven business credit bureau, announced the publication of its February 2010 Past Due by State report, a monthly index of accounts receivable (A/R) activities by state. Measuring the payment activities of approximately 20 million public and private business locations and approximately $150 billion in commercial A/R information, the report indicates that 22.61 percent of Wisconsin-based business accounts receivable are past due, the highest percentage of any of the 50 states. Michigan came in as the second most delinquent state at 22.00 percent, and Oregon, which recently held the most delinquent title, came in third at 21.12. Other states making the dubious top-ten list include: 4) Minnesota (20.89 percent); 5) New Mexico (20.22); 6) Florida (19.55); 7) Hawaii (19.12); 8) Washington (18.96); 9) Tennessee (18.34); 10) New York (18.32).
Of this month's top ten most delinquent states, only Florida showed any sign of improvement compared to previous data, marginally moving from 19.72 percent to 19.55 percent. New York data was relatively flat, moving from 18.30 to 18.32. Nevada, a mainstay on the list, showed significant improvement and saw delinquencies go from 19.55 percent past due to 17.22 percent past due, dropping the embattled state from the top-ten for the first time since the report was created. The latest data has Nevada ranked 14th most delinquent in the nation.
Alaska businesses retained the title of least delinquent with a mere 5.75 percent of invoices marked as past due.
"While we're seeing pockets of improvement, most notably in Nevada, the overall trend does not paint a picture of a widespread economic recovery and improving cash flow conditions," said Jim Swift, president and CEO of Cortera. "When businesses are uncertain about demand and struggling with how best to stretch working capital, the all-too-often remedy is to slow payments. And that can create a domino effect in delinquencies, exacerbating the problem."
The Cortera Past Due by State report tracks late payments against agreed upon terms, measuring the percentage of late accounts receivable by state. The full report is available on Cortera's site.
Cortera is the online source for commercial credit information and financial intelligence on over 20 million businesses of every size. The company has a 15- year track record of providing comprehensive data and innovative tools to credit and finance professionals at the most affordable prices in the industry. In 2009, Cortera created the first online community enabling everyone - from both small businesses to large organizations - to monitor, rate and exchange comments on the payment performance of virtually any business in real time. Cortera is unleashing the power of the Internet to transform the world of business credit reporting. Free credit reports on millions of businesses are now available at www.cortera.com. Check Cortera First TM
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