December 11, 2016 3:18 AM ET

Commercial Services and Supplies

Company Overview of Pioneer Credit Recovery, Inc.

Company Overview

Pioneer Credit Recovery, Inc. provides collection services on defaulted debt. Its services include non-tax government collections; revenue recovery for court clients, including collecting past due fines and fees, and court fines and fees; and tax amnesty programs. It recovers a range of debt for various levels of government ranging from federal agencies and cities to counties. The company was founded in 1980 and is based in Arcade, New York with additional offices in Florida, Indiana, and New Jersey. Pioneer Credit Recovery, Inc. operates as a subsidiary of Navient Solutions, Inc.

26 Edward Street

Arcade, NY 14009

United States

Founded in 1980

Phone:

585-492-1234

Fax:

585-492-3484

Key Executives for Pioneer Credit Recovery, Inc.

President
Chief Operating Officer
Chief Administrative Officer, Treasurer and Director
Compensation as of Fiscal Year 2016.

Pioneer Credit Recovery, Inc. Key Developments

U.S. Department of Education Terminates Contract with Five Private Collection Agencies

The U.S. Department of Education is winding down its contracts with five private collection agencies, including Navient's Pioneer Credit Recovery, for allegedly providing inaccurate information to borrowers about a loan rehabilitation program. The other agencies are Coast Professional, Enterprise Recovery Systems, National Recoveries and West Asset Management. The loan rehabilitation program is an option that can create benefits to defaulted borrowers after they have made nine on-time payments in a period of 10 months. Agents of the companies allegedly gave borrowers misleading information about the benefits to the borrowers' credit reports and about the waiver of certain collection fees. The department's Federal Student Aid office performed a review of 22 private collection agencies. The department also said that it will reassign accounts held by the five agencies which are not already in repayment to other agencies. The department will increase its monitoring and issue enhanced guidance to all remaining private collection agencies.

Pioneer Credit Recovery to Cut Jobs

About 400 jobs are expected to be lost at Pioneer Credit Recovery in Wyoming County after the company lost a major federal contract to collect on overdue student loans because of protocol violations in the way it carried out its collections work and controversy over whether its parent company overcharged some borrowers. The loss of the contract from the Department of Education is expected to result in a 40% cut in the company's nearly 1,000-person work force. The timing of the impending job cuts is uncertain.

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Recent Private Companies Transactions

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