PR - New York Awards Collection Contract to Universal Fidelity

Universal Fidelity LP (UFLP) announced today that it has signed a definitive, five-year agreement to collect taxes, fees, fines and parking tickets due to the New York City Department of Finance from individuals and entities residing or having their place of business located outside the State of New York.

The award of this contract from the largest city in the country, which will start during the fourth quarter, is a major step in UFLP’s planned growth in the government sector. Selected from among sixteen companies who bid on the contract, UFLP was awarded based on multiple factors. These included UFLP’s debt collection and litigation experience in the nine states where the majority of debtors are located, track record of offering “the highest standard of legal ethics,” financial strength, and pricing.

The Department of Finance has reported in the past that the prior contract yielded approximately $125,000,000 in placements over a three-year period. Aging reports released to potential bidders last year indicated that, as of early 2006, more than $1.9 billion was owed to New York City for the debt types included in the RFP, with nearly three-quarters of that number less than seven years old.

Executive Vice President Ken Sebek stated, “We are honored and excited to have won the opportunity to serve New York City. We look forward to a long and mutually rewarding relationship with New York City.”

UFLP is one of the leading debt collection companies in the industry. In addition to government clients, UFLP serves companies in the credit card, student loan, healthcare, and automotive industries.