Agency Office of Higher Education

Contractor Credit Adjustments, Inc.

SWIFT Contract Number 53333

Project Name Loan Collection Services

Project Number (if applicable) {Empty}

Summarize purpose of the contract, including why it was necessary: Assist with collection of defaulted student loans. It is necessary to recover funds that are lent out in order to keep the interest rates low and to lend out the money to other students.

Project Duration

Start Date Wed, 07/01/2009 - 00:00

Original end date Mon, 06/30/2014 - 00:00

Actual end date Mon, 06/30/2014 - 00:00

Did project finish on time? Yes

Total billable hours utilized (if applicable) {Empty}

Contract Amounts

Original contract: $250000.00

Amendments $0

Contract total $250000

Did project finish within budget? Yes

What was the funding source? SELF Loans

Is this a sole source contract? No

If this was a single source contract, explain why the agency determined there was only a single source for the services (if applicable) {Empty}

Evaluator Name Marilyn Kosir

Evaluator Email Address marilyn.kosir@state.mn.us

Evaluate the contractor's timeliness Not applicable

Evaluate the contractor's quality Quality was initially very good. Quality has been deteriorating after company was sold with problems in reports, responding to issues and a significant reduction in amount collected.

Evaluate the contractor's cost Cost was comparable to other collection vendors.

Evaluate the contractor's overall performance In the early years of the contract collections were very good. After the sale of the company collections dropped significantly along with an increase in customer service issues.

At this time we would not use the contractor again; however, when our current contracts expire in 5 years we would be willing to review this company's services and capabilities.

Would you engage the contractor's services again? No

Describe any negative action taken during the duration of this contract (i.e., termination, pursuit of suspension, etc.): None.

Please rate the overall experience with the contractor 3 - neutral