When you take out federal student loans, the U.S. Department of Education is your lender. The Department pairs you with another company — a loan servicer — that handles your payments, answers questions about your student loan debt, and changes your repayment plan, if necessary. When you miss more than 270 days of payments, your loans default. And when that happens, your account is moved to a collection agency like Immediate Credit Recovery, Inc.
If your defaulted student loans have been placed with Immediate Credit Recovery, here's what you need to know about the debt collection agency.
What is Immediate Credit Recovery
ICR is a private debt collector hired by the Department of Education to handle federal loans in default. Since 2007, the company has been awarded $449.7 million for its collection efforts. ICR's contract is set to expire on January 11, 2022.
Is Immediate Credit Recovery legit? Immediate Credit Recovery is a legitimate debt collection agency for over 400 schools, several different healthcare entities, and federal and state government agencies.
What Can ICR Help You With?
If Immediate Credit Recovery is assigned your defaulted student loans, you can contact the company about the following repayment options:
- Settlement: is the only option to save collection fees and reduce some of the accrued interest. Many federal student loan settlements save the borrower about 10-15% of the current loan balance.
- Loan Consolidation: allows you to get out of default fast. You do not need good credit to qualify. Your credit score won't be checked in the application process. Instead, you're eligible to get a Direct Consolidation Loan if you're not under an active administrative wage garnishment and you have at least two loans to include in the application.
- Loan Rehabilitation: gets you out of default, qualifies you for new financial aid, and allows you to clear CAIVRS after making 9 payments in 10 months. This program also stops wage garnishment after you make your fifth payment.
- Voluntary Repayment: does not get you out of default. Choose this option only if you're not eligible for consolidation or rehabilitation.
What ICR Can't Help You With
Until you get your loans back into good standing, you're ineligible for:
- income-driven repayment plans
- deferment and forbearance
- new financial aid
- student loan forgiveness programs
- FHA mortgage
How to Make Student Loan Payments With ICR
You can make payments in the following ways:
- Phone: ICR customer representatives can take payments using a debit card. You can set up the payments by calling the company at its phone number, 866-401-7190.
- Mail: You can mail payments for Department of Education Loans to National Payment Center, P.O. Box 790336, St Louis MO 63179-0336.
- Online: For Department of Education held loans, you can make payments at myeddebt.ed.gov.
To start making payments online, follow these three simple steps:
- Create an account on MyEdDebt. To sign up for an account, click on "Borrower/Student" and "Create Account". The site will prompt you to enter your Social Security Number, Date of Birth, email, etc.
- Add a U.S.-based debit card. Once your account has been activated, you can make a one-time payment. The system doesn't accept credit cards or cards from foreign banks.
About Immediate Credit Recovery Inc.
ICR was founded in 1990 and is incorporated in Poughkeepsie, NY. The company has offices in New York, Georgia, and Texas. Its main office is at 3330 Chastain Meadows Pkwy NW Ste 100, Kennesaw GA 30144.
Contact Information for Immediate Credit Recovery
You can contact Immediate Credit Recovery's customer service department by phone by calling 866-401-7190. The call center is open Monday through Thursday from 8 am to 6 pm EST and Friday from 8 am to 5 pm EST.
You can mail general correspondence to: Immediate Credit Recovery, Inc, P.O. Box 965156, Marietta, GA 30066.
How to Complain About ICR
If you're having difficulty with Immediate Credit Recovery that you've been unable to resolve, start by filing a complaint directly with the Default Resolution Group. It oversees the collection process. Call 800-621-3115.
Another option is to file a complaint with the Federal Student Aid Feedback Center.
You can also file a complaint with the Department of Education's highest customer service office, the FSA Ombudsman. Call 877-557-2575.
If your issue goes unresolved, you can also make complaints about ICR to:
- the Consumer Financial Protection Bureau
- the Better Business Bureau (BBB)
- your congressional representative
- your state attorney general's office
Lastly, because ICR is a debt collector, the company must adhere to the Fair Debt Collection Practices Act and other consumer rights laws (e.g., no harassing phone calls. threaten to garnish wages without authority, etc.). Contact an FDCPA attorney near you to learn if you can take legal action.
Need help with Immediate Credit Recovery? Let's talk
If you want to go over your options, schedule a free 10-minute phone call with me. I've got years of experience helping people like you with their student loans.
Let's talk. I can help you find a way to get out of default while saving the most money and preserving your eligibility for loan forgiveness.