SAN DIEGO–CU Revest is reporting the return of 14,000 previously charged off members to good standing with their respective credit unions.
The special asset management CUSO said it reached the record milestone in November by helping its 14,000th charged-off account restore creditworthiness and borrowing privileges with her CU.
CU Revest said it is known for its unique, award-winning recovery model that recovers credit unions’ money while helping member-borrowers re-establish creditworthiness and regain their borrowing privileges.
“Using proprietary predictive analytics based on the repayment attributes of more than one million borrows and $4 billion in assets under management, and 24/7 behind-the-scenes monitoring of borrowers’ financial capacity using its proprietary Tracking and Monitoring Intelligence technology, CU Revest knows when borrowers are getting back on sound financial footing,” the company said. “Only then are member-borrowers contacted by CU Revest employees who are rewarded for every verified positive testimonial received from those whom the CUSO helps repay their charge off balance.”
CU Revest added that most consumers do not realize that simply repaying their charged-off debt has no effect on their credit score. To help qualified charge off member borrowers reestablish their creditworthiness while repaying their Credit Union, CU Revest said its captive consumer finance company provides charge off refinancing loans at 0.00% APR and $0 fees to borrowers who are getting “back on their feet,” have no tax liens or past due child support and reduce their outstanding charge off balance by “paying 20% down.”
These new monthly payment loans are reported to all credit reporting agencies and, on average, have helped to increase individual borrowers’ credit scores by 80 - 90 points, according to CU Revest.
“By understanding the member-owner relationship between borrowers and their CU, the nation-wide CUSO recovers money and members for its CU clients while helping their charged off borrowers restore their self-esteem and creditability,” it said.
Added CU Revest President Anthony Joplin, “The CU Revest capital and member recovery model has not only restored millions of dollars of ‘cold case’ charge off balances to our credit union clients, but we have also prevented 14,000 loyal, requalified credit union members from jumping ship by defecting to payday lenders, auto pawn institutions, loan sharks and other high-interest financial sources.
“Bad things happen to good people and whether charge offs are the result of medical emergencies, divorce, unemployment or underemployment, the pandemic, bank-breaking inflation, or some other cause outside the control of the borrower, we know how and when to help CU members satisfy their financial obligations.”