7 Years of Growth Expands Company
Outsourcing has Become the New Norm
WYOMING, MN; April 4, 2017. CU Recovery, Inc. has been in an active growth pattern for the last 7 years, with double digit growth during the last 18 months. The Loan Service Center has doubled in size in the last 12 months and continues to grow at a record pace.
Wendy Elieff, Senior Vice President of Sales & Service for both companies made several observations. “Auto loans and credit card issuance have been on the rise. Although the economy is stronger than 2008, Americans are getting comfortable spending and may not be able to manage their money.” Her observation is supported by a recent headline from TransUnion reads, “More Subprime Borrowers and Expected Interest Rate Hikes to Drive up 2017 Auto Loan and Credit Card Delinquency Rates”. The same article states that mortgage delinquencies will ‘normalize’ at just over 2%.
In a comment on the continued growth pattern of the companies, Wendy noted that over the last decade, outsourcing collections has progressed from skepticism to cautious acceptance to being accepted as the norm or best practice in the industry.
Wendy closed her comments with, “Our growth experience indicates that debt collection outsourcing has been 100% validated by a majority of credit unions and the service has been added to their individual collection strategies.”
To meet the rising delinquency its clients are experiencing, CU Recovery & The Loan Service Center have brought on more employees in specific service areas over the past 10 months than it has in the past several years. The secured accounts area has been significantly realigned with staff increasing by more than double.
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