Updated March 2, 2015, 11:50am EST
The U.S. Department of Education announced late Friday that it would “wind down” its relationship with five private collection agencies on its student loan debt collection contract that ED says were providing inaccurate information to borrowers regarding rehabilitations.
ED also announced that it will provide enhanced Fair Debt Collection Practices Act (FDCPA) and Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) monitoring and guidance for all private collection agencies still on the contract to ensure that companies are consistently providing borrowers with accurate information regarding their loans.
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