CUSO collecting more than charge-offs

One CUSO is helping credit unions not only recover charged off loans, but also bring delinquent borrowers back into the credit union as members in good standing with sound FICO scores.

CU Revest said it has been able to bring 3,500 members back to CUs and more than $12.5 million in charged-off dollars since it began serving credit unions in late 2014. It was named NACUSO’s 2017 CUSO of the Year. The CUSO is owned by four credit unions—Kinecta FCU in Manhattan Beach, Calif.; TwinStar CU in Olympia, Wash.; Desert Financial FCU in Phoenix; ORNL FCU in Knoxville, Tenn.

“We are coming up on 100 credit unions in CU Revest,” said President Mike Joplin. “Our credit unions range from $19 million in assets up to $15.5 billion. And what we are doing is important for the credit unions, bringing money and members back to them.”

Scott Daukas, chief risk officer at TwinStar CU in Lacey, Wash., said his credit union has done well using CU Revest.

 

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