The U.S. Department of Education late last week published a list of companies that won contracts under the small business set-aside on its Default Collection Services contract and private collection agency (PCA) program. There will be 11 small business collection agencies on the student loan collection contract. The previous contract featured only five.
BFrame today announced enhanced software features to support new student loan rehabilitation program requirements dictated by the Federal Government and improve customer efficiency.
Enterprise Recovery Systems, Inc.® (ERS) announced today that they hosted a congressional visit on Friday, August 22, 2014.
The National Consumer Law Center (NCLC) late Tuesday published a report that calls for the Department of Education to stop using private collection agencies to help recover delinquent student loans. But the report is misleading and inflammatory, going far beyond more reasoned studies from government agencies urging reform within the ED collection contract.
Quantrax Corporation, Inc. today announced that the company will continue its partnership with Financial Management Systems (FMS), an accounts receivable management (ARM) firm dedicated exclusively to the student loan sector.
The U.S. Department of Education (ED), which hires Private Collection Agencies (PCAs), incentivizes those PCAs to subcontract to small businesses, and remains the largest Federal buyer of collection agency services, received an “A” grade for FY2013, with room for improvement in a few areas.
The student loan market is the second-largest debt pool in the U.S.; and since it’s also the fastest-growing collections market, it may soon become the biggest pool nationwide. This means that if your collection agency isn’t involved in the student loan market, then you’re missing out on your share of a $1 trillion pot.
ConServe employees, along with the company’s “Matching Gift Program,” donated a combined $8,540 through its “Jeans for Charity” program in July to Honor Flight Rochester and Honor Flight Buffalo.
The Higher Education Affordability Act, proposed by Sen. Tom Harkin (D-Iowa), would require the Department of Education to terminate contracts with private collection agencies if they violate the FDCPA or UDAAP.
The third-party debt collection industry returned some $45 billion to creditors and other clients in 2013, according to a study released today by ACA International. The report, based on a survey and other statistical analysis by Ernst & Young, is the latest in a series of comprehensive industry studies.