SAN DIEGO–As of year-end 2016 CU Revest reported an increase in its number of credit union clients to 77, representing a 59.7% increase in charged offs assigned for recovery over the prior year.
In addition, CURevest, a special asset management CUSO, said that since 2012 it has returned more than $2 million in cash to its credit union clients from “uncollectable, abandoned” charge-off accounts. In the process CU Revest said it has also returned nearly 2,000, re-qualified prior-prime members to their credit union for consideration of reinstatement.
Serving an industry-wide need, CU Revest’s clients range in asset size from under $20 million to more than $12 billion.
“Using its proprietary predictive analytics built on the repayment attributes of more than one-million borrowers and $4 billion in assets under management since 1997, 24/7 behind-the-scenes monitoring of credit and lifestyle activity, and innovative tools such as automated self-settlement and 0% APR charge off refinancing loans to qualified, re-performing borrowers, CU Revest continues to prove its ability to recover capital and members of credit unions,” the company said in a statement.
How does the CUSO collect on accounts when other collection agencies fail to do so?
“We’re part of the credit union movement, we believe in ‘people helping people’ and we practice what we believe,” said CU Revest founder and CEO Mike Joplin in a statement. “We know who to contact and when to contact them. When we do, we don’t make threats or demands of current and former credit union members. We reach out with respect and we offer solutions to help them resolve their financial obligation. Those solutions may even include interest-free financing with a new loan that helps borrowers re-establish their credit while repaying their credit union obligation. What collection agencies receive ‘thank you’ letters from debtors every month? We do.”