Even when loans proceed to charge-off situations, credit unions can still mitigate losses and maintain – and even strengthen – member relationships. Effective delinquency management and debt recovery efforts in all lending trade portfolios contribute directly to overall business performance.
CU Recovery and The Loan Service Center, a PSCU subsidiary, support third-party, post-charge-off collections activities that reflect the high-touch service model of Owners. Licensed in all 50 states, third-party collections teams and technology tools perform skip-tracing, send pre-collection letters and deploy other tactics to recover delinquent loan payments.
Post-charge-off collections increase promises-to-pay and higher payment conversion rates.