WYOMING, Minn.— CU Recovery, a PSCU company, is reporting it saw a record-breaking month in recoveries for its more than 850 credit union clients by collecting more than $3 million in charged-off debt in March.
A full-service collections agency, CU Recovery said it is dedicated to maximizing recoveries on charged-off loans exclusively for credit unions.
“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.”
Fully Recognizing Return
According to the company, 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,” the company said.
“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.”
For info: CURecovery.com.