Third Party Collection Solutions - Secured Accounts
We know that every secured file represents a unique situation. CU Recovery is not a repossession company. We have created solutions, with nationwide coverage, to coordinate all aspects of your secured account needs.
Our collection representative will attempt to motivate your member to bring their account current, resolve insurance or titling issues. If the member has no resources or feels no obligation to resolve the account, we will attempt to work with the member to voluntarily surrender the collateral to reduce the credit unions cost by avoiding repossession. We are currently at a 50% success rate; this is a great tool to help minimize repossessions.
Credit Unions that want to outsource the coordination of the entire repossession sale process should use this option. Our main objective is to have the member pay off the loan. If we cannot get the loan paid in full, we will work with the credit union to determine if an attempt to motivate the member to redeem the collateral by paying the repossession expenses and the past due amount is a viable option. With Option #2, CU Recovery is required to send a 30 day validation notice to your member and will not take any action until the 30 day validation period has expired. If you are unable to wait the 30 days, please see Option #5.
Credit Unions that already have possession of collateral and need help remarketing should use this option to have CU Recovery coordinate all aspects for the sale of collateral. No collection related services are provided.