“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,” Jack Lynch, chief risk officer at PSCU and president, CU Recovery, said in a press release.
Lynch added that “one silver lining” that came out of businesses being shut down during COVID-19 was that consumers had no choice but to take a look at how they spent money, and were accordingly forced to make changes based on new circumstances.
“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,” Lynch said.
CU Recovery is a full-service collections agency for credit unions, which was acquired by PSCU in 2018. The company has more than 30 years of experience focusing on maximizing recovery on charged-off loans. PSCU, a leading CUSO, has been helping credit union members resolve debts and stay on top of the changing regulatory environment since 1977.
The record month of recoveries in March also helped CU Recovery’s credit union clients gain a better understanding of the relationship between initial credit risk and expected returns. Credit unions can get a higher volume of recoveries and returns when working with CU Recovery, but they can also benefit from having a reliable partner to help them recover the charged-off debt.
“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, for CU Recovery and The Loan Service Center (TLSC).
PSCU’s CU Recovery and TLSC has also enhanced its relationship with Advia Credit Union. In February, the TLSC started supplying early-stage payment reminders for CUs. Advia aims to reduce the number of members defaulting on loans at the 30-day mark.