The two long term leaders on the U.S. Department of Education’s student loan collection contract were the top performers in the first quarter of this year, according to performance statistics released by ED last week.
Arcade, N.Y.-based Pioneer Credit Recovery was the largest money collector and total points winner among large collectors, bringing in $67.4 million in the quarter. The next-closest collection agency – Horsham, Pa.-based NCO Group – collected $50.7 million in the quarter.
The contract also has a provision for small businesses which currently has five agencies competing, compared to 12 for the large business, or unrestricted, contract. Fairport, N.Y.-based Continental Service Group was the largest performer among small businesses collecting $18.5 million over the first three months of 2008. Account Control Technology (ACT), based in Canoga Park, Calif., placed second for the quarter among small collectors with $16.7 million collected.
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