Pioneer Credit and Premiere Credit Top ED Collection Contract in August

The top overall performer on the Department of Education’s student loan collection contract remained the leader after performance results from August were released by ED. Meanwhile, jockeying for position continued on the small business contract.

Pioneer Credit Recovery, a subsidiary of student loan giant Sallie Mae, was the top performer on the “unrestricted” contract, collecting $21 million in the month for ED. So far in the third quarter, Pioneer has brought in $43 million at a recovery rate of 3.29 percent, tops among all collection agencies.

But Pioneer also dominated in the points race for the month. ED’s monthly scores, with a top total possible of 100, are based on a weighted average of performance metrics, including total dollars collected, total accounts serviced and administrative resolutions. Pioneer led its closest competitor, Allied Interstate, by more than 10 points.

Pioneer has collected more than $580 million for ED over the 42 months of the contract so far, the most among all collectors. The 17 collection agencies on the contract have collected a total of $4.33 billion on the contract.

In the small business set aside competition, Premiere Credit was the scorer, also leading its closest competitor – Account Control Technology (ACT) – by more than 10 points. ACT collected the most money in the month on the small business contract, $6.6 million, and leads so far in the second quarter with $11.4 million brought in.

Continental Service Group (Conserve) leads all collectors on the small business set aside with $134 million collected over the course of the contract.