Wyoming, MN – June 25, 2014 – Credit Unions report that they often procrastinate working on old charge off files. One of the main reasons is the time it takes to access and review the file. Combine the effort previously expended with the dilemma over which files to choose for the greatest chance of recovery, and the ‘old file’ drawer remains closed, gathering dust.
Adding to the quandary, collection departments report that working the older files is often disappointing even though many collection experts claim that some older accounts provide much better returns than newer charge-offs. Third party resources also state that members often need a long time to get back on their feet. Some get a new job and others recover their health. In some instances, this can take years.
CU Recovery takes an innovative and effective approach to handling credit union charge off files with their File Pickup Service. A CU Recovery collection expert goes through charged off files at the credit union offices with an unbiased eye in determining which files will be the most likely to result in recovery. Their years of collection experience in assessing essential information not only saves the credit union manpower resources but improves collection results as well.
“The collection results for clients have been outstanding, with no special preparation or hassle for the credit union”, said Wendy Elieff, Vice President of Sales and Service for CU Recovery. “It is an excellent opportunity to clean up files back to the state statute time limit”, Wendy continued.
Credit unions are sensitive to the member connection that differentiates them from other financial institutions. Representing over 23 years of collection experience, CU Recovery brings collection solutions and services to credit unions through the country.
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