CU Recovery, a PSCU company, recorded a record-breaking month in recoveries for its more than 850 credit union clients by collecting over $3 million in charged-off debt in March.
A full-service collections agency, CU Recovery is dedicated to maximizing recoveries on charged-off loans exclusively for credit unions. For more than 30 years, the company has worked with credit union members to resolve their debts, keeping a close pulse on economic, business and credit cycles, as well as changes in the regulatory environment.
“Overall, our goal is to focus on being there for our clients and their members as they adjust to evolving circumstances or events, and this rang even more true during 2020 as we collectively navigated the COVID-19 pandemic,” said Jack Lynch, chief risk officer at PSCU and president, CU Recovery. “One silver lining of the pandemic is consumers’ spending habits were forced to change when businesses and activities shut down. With the addition of stimulus checks, more people were able to begin paying off their debts. As we begin to look toward a post-pandemic world, we want credit unions and their members to know they have a trusted partner to assist them in resolving their obligations.”
The banner month of recoveries ultimately helped CU Recovery’s credit union clients fully recognize the expected return for the initial credit risk taken. When partnering with CU Recovery, not only do credit unions gain more recoveries, which results in better returns, but they also receive a member-focused and compliant partner to assist them in recovering charged-off debt, which is always a function of lending.
“This achievement would not have been made possible without our team members – they take great pride in being trustworthy and knowledgeable resources for members working to resolve their debts,” added Wendy Elieff, senior vice president, Client Service and Marketing, CU Recovery & The Loan Service Center. “We are very excited to reach this milestone and look forward to continuing to serve our clients and their members.”
In addition to CU Recovery, The Loan Service Center provides staffing solutions for credit union collection departments to minimize losses on their delinquent active loan portfolio. For more information, visit CURecovery.com.
PSCU, the nation’s premier payments CUSO, supports the success of 1,500 credit unions representing more than 5.4 billion transactions annually. Committed to service excellence and focused on innovation, PSCU’s payment processing, risk management, data and analytics, loyalty programs, digital banking, marketing, strategic consulting and mobile platforms help deliver possibilities and seamless member experiences. Comprehensive, 24/7/365 member support is provided by contact centers located throughout the United States. The origin of PSCU’s model is collaboration and scale, and the company has leveraged its influence on behalf of credit unions and their members for more than 40 years. Today, PSCU provides an end-to-end, competitive advantage that enables credit unions to securely grow and meet evolving consumer demands. For more information, visit PSCU.com.
About CU Recovery & The Loan Service Center
CU Recovery, a PSCU company, is a full-service collection agency managing non-performing and charged-off loans with a comprehensive menu of third-party collection services. Since 1990, CU Recovery has worked with over 2,700 credit unions nationwide and is a leading industry expert for credit union collections of all loan types. The Loan Service Center provides first-party collection services to minimize loan loss by managing early-stage delinquency. The Loan Service Center’s agents work under the direction of credit union collection departments to follow procedures, while its broad spectrum of collection resources and training programs help credit unions manage and mitigate loan delinquency rates.