Our companies were formed based on the needs of credit unions. We do have inquiries from commercial business asking for assistance in collecting overdue obligations and we do have a solution for Commercial Collections.
The collection process begins within 2 business days. When an account arrives, they are loaded into our system and run through a culling process to flush out any bankruptcies, past statute of limitation, deceased accounts. A 30 day validation notice is sent out, once the validation period is up the account is moved to the collection floor.
Our collectors have an average length of service of over 6 years. Training is ongoing with weekly real-life example updates for The Loan Service Center staff. CU Recovery staff receives monthly refresher courses as well as specialized individual training, and daily reminded of the Fair Debt Collection Practices Act.
No, Our collections counsel continues to advise us to not report delinquent debt of consumers where the creditor client is reporting to the credit bureaus the same debt. The risk of violation of credit reporting laws has is increased in these instances. Further, there does not appear to be sufficient evidence to support the opinion a second reporting of the same debt will increase dollars recovered for our clients particularly within the litigious debtor environment we face today.