WYOMING, Minn.–CU Recovery is marking its 25th anniversary, noting “humble beginnings” of “just a couple of guys repossessing cars” into a complete resource for credit union collection departments today.
“I am proud of what we've accomplished over the years,” said Wendy Elieff, Vice President of Sales and Service. “Our company was built on credit union needs or requests for solutions, and we have had the privilege of working with over 2,500 credit unions, nationwide. We recognize that our success is about maintaining strong performance results for partners so that credit unions can rely on their collection returns.”
Founded in 1990 to help Minnesota CUs collect on charged-off loans, the company expanded outside the state in the mid-1990s; introduced The Loan Service Center in 1997 to provide temporary and permanent staff to credit union collection departments; created in 2003 a process to allow clients’ on‐line access to all collector notes as well as introducing an on‐line file submission process; created in 2010 the Collection Academy, and in 2014 created customized training for credit unions.
Today the company has more than 90 employees and has worked with more than 2,500 CUs in all 50 states to collects $163-million and repossess more than 11,000 pieces of collateral.