New CSS Alliance Provider Assists Credit Unions with Asset Recovery
CUNA Strategic Services, TekCollect announce agreement
MADISON, Wis. (10/8/2012) – A new alliance between CUNA Strategic Services, Inc., (CSS) and TekCollect will offer credit unions the ability to efficiently extend their collection efforts without compromising member relationships.
“Because credit unions typically manage their loan portfolios well, their overall credit quality is normally quite good,” said Wes Millar, CSS senior vice president.
“However, some credit union members have faced financial challenges, and being proactive to keep these accounts in good standing can improve the relationship between the credit union and the member. “
TekCollect customizes programs to help credit unions streamline internal accounting practices, limit and control delinquencies, and reduce charge-offs. The company focuses on early intervention, which reduces the number of accounts ever requiring formal recovery efforts.
“In fact, TekCollect’s process can help credit unions find out the underlying cause of the delinquency, giving them information they can use to help the member,” Millar said.
“We’re proud to work with CUNA Strategic Services to deliver economical programs that we know help credit unions streamline workflows, optimize productivity, and enhance member relationships,” said Tim Olesky, TekCollect’s division vice president.
The company’s Early Call Campaign reaches out to members before the 30-day delinquency mark to enhance communication and ensure prompt payment. On a more intense level, TekCollect can pursue negative share and loan recoveries. Its full-service collection programs include verbal and written contacts, national credit reporting, skip tracing, and even litigation when necessary.
For more information, visit cunastrategicservices.com/TekCollect.
About CUNA Strategic Services
CUNA Strategic Services Inc., owned jointly by Credit Union National Association (CUNA) and the state leagues, saved credit unions more than $30 million in 2011 through its alliance programs. It provides credit unions with access to quality products, services, and technologies delivered with a competitive advantage made possible through volume pricing and strategic program development. For more information, visit cunastrategicservices.com.
For nearly two decades, TekCollect has provided custom accounts receivable management solutions to financial institutions nationwide. Their non-alienating, technologically advanced approach generates the highest recovery ratios and customer retention rates in the industry. For more information, visit www.tekcollect.com.