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Enhancement to Collections Program Has Made a Big Impact at Credit Unions

ELGIN, IL (April 17, 2015) — Lending Solutions, Inc. (LSI) announced that their Payment Reminder Program (PRP) celebrated five years earlier this year. The program, which helps credit unions lower delinquencies by proactively contacting early stage accounts, is an enhancement to LSI’s full service collections outsourcing program, which was started in 1997. The PRP was started in early 2010 as an accommodation to client requests, and now 60% of LSI collections clients also utilize payment reminder.

“Historically, the high volatility of early stage delinquencies has prevented credit unions from providing consistent, persistent attention to these accounts, states Dave Brooke, executive vice president at LSI. “Our Payment Reminder Program was crafted in response to this need to curb very early stage delinquent accounts, and it has been a very effective tool for our clients to that end.”

Vicente Espinoza, collections analyst for LSI, adds “In addition to the goal of lower delinquencies, we see a number of our clients using the PRP and collections services to alleviate staffing concerns and to keep already low delinquencies in check. What started out as an add-on service to our full service collections program, has turned into an extremely important part of many of our clients’ overall collections strategy.”

The Payment Reminder Program is designed to proactively contact members that are less than 25 to 30 days delinquent, but clients can customize the day-range according to their needs. The objective is to keep early-stage delinquencies from escalating into major “problem accounts”, while educating members about the importance of on-time payments. Credit unions of all sizes and demographics are utilizing the program, with client assets ranging from $19 million up to $3.9 billion.

About Lending Solutions, Inc.
Lending Solutions, Inc. has been a provider of lending center services and consulting programs for financial institutions across North America for 21 years. The company’s highly-trained, professional staff provides 24-hour lending and member service to over 300 of North America’s premier credit unions, banks, and mortgage companies. For further information on Lending Solutions, please visit the company’s web site at www.lendingsolutions.com.