Pioneer and ConServe Hold On to Top Spots on ED Contract in May

Pioneer Credit Recovery and Continental Service Group (ConServe) remained the top-performing accounts receivable management firms in their respective classifications on the Department of Education’s student loan collection contract in May.

ConServe is also the top overall performer for the life of the contract on the small business set aside, while Pioneer holds the same spot in the unrestricted category.

Pioneer dominated its unrestricted competition – primarily comprised of large ARM firms – by posting a performance score of 97.41 out of 100 possible points for the first two months of the second quarter.

ED’s performance scores are based on a weighted average of performance metrics, including total dollars collected, total accounts serviced and administrative resolutions. The scores are released each month, but compiled for internal scoring on a quarterly basis. Final quarterly rankings determine bonuses and account placement levels.

Diversified Collection Service (DCS), NCO Group and Van Ru Credit Corp. were tightly-bunched behind Pioneer with scores in the mid to low 80s.

Pioneer also led the way in total dollars collected in May with $23.2 million brought in with Van Ru, NCO and DCS trailing with $16.9 million, $16.8 million and $16.75 million respectively.

On the small business set aside, ConServe achieved a perfect score of 100 through April and May to take the top spot among the smaller companies collecting for ED. The company’s closest competition was Premiere Credit with 80 total points.

ConServe brought in the most money for ED’s small business set aside with $8.4 million collected in May. Premiere came in second with $6.9 million.

The 17 collection agencies currently on the contract – five on the small business set aside and 12 on the unrestricted contract – have collected $5.82 billion for the Department of Education in the 51 months the contract has been in force.