ST. PETERSBURG, Fla. —PSCU acquired CU Recovery and The Loan Service Center in a move to expand the CUSO’s ability to service its credit unions with a comprehensive collections offering. Both businesses have existed for more than three decades.
CU Recovery handles post charge-off accounts and is a full-service collection agency, while The Loan Service Center is a first-party collection company. Both of these businesses will become wholly-owned subsidiaries of PSCU. PSCU said the acquisition will enable it to add limited core integration that already exists within The Loan Service Center, as well as post charge-off collections to the company’s current offerings.
“PSCU is excited about the opportunity to expand its collections offering into our existing suite of payments solutions,” said Jack Lynch, chief risk officer at PSCU. “The acquisition of CU Recovery and The Loan Service Center enhances our current account recovery and collections services, enabling us to provide a more robust offering and ultimately a more integrated member experience.”
“PSCU’s commitment to member service and the credit union industry were key elements in our decision to become a part of the cooperative,” said Chris Becker, chief operating officer at CU Recovery and The Loan Service Center. “We are excited about the opportunity to leverage the power of PSCU to enhance our services for our current and future clients.”