Wyoming, MN – September 2, 2014 – According to findings from a newly released survey by Ernst & Young and ACA International, the health of national and state economies in the U.S. continues to be impacted by the recovery of rightfully owed consumer debt. With recovery results trending above national and local levels, CU Recovery & The Loan Service Center are the leading recovery resource for all phases of Credit Union debt collection. They are also committed to training credit union collection departments in creating a solid framework for success.
While the ACA International findings confirm that consumer debt collection helps sustain the credit-based economy in the U.S., data shows that only a small percentage of outstanding consumer debt was actually recovered in 2013. One key survey element revealed that third-party debt collectors received approximately 1 billion consumer accounts from creditor clients in 2013, with a face value of $756 billion. And, only 7 percent ($55.2 billion) was actually recovered. This is less than the results of a similar survey conducted in 2010.
Performing above the national trend, the success of the CU Recovery team can be measured by 34 new clients added in the last quarter and by over 160 credit union collectors attending classes in the last 4 months. The classes were held around the country and facilitated by the company’s 17 year veteran who has experience in over 50 different collection platforms.
Wendy Elieff, Vice President of Sales and Service, observes that “In addition to demonstrating our expertise in collecting First and Third party files assigned by clients, our customized training classes teach collection skills that will make an immediate difference in credit union department efficiencies”.
The complete ACA International Survey results are available at acainternational.org
About CU Recovery & the Loan Service Center
CU Recovery, Inc. is a full service collection agency, working exclusively for credit unions, dedicated to maximizing recoveries on charged off loans. The Loan Service Center, Inc. provides staffing solutions for credit union collection departments to minimize losses on their delinquent active loan portfolio. The CU Recovery Collection Academy is a resource for continuing education to assure the success of Credit Union collection departments in meeting their member service and delinquency reduction goals. For more information: www.curecovery.com