The Loan Service Center Announces Payment Reminder
A New Collection Service for Credit Unions
WYOMING, MN (August 26, 2013) — The Loan Service Center, Inc. has launched a new service that focuses on early unpaid accounts. Their Payment Reminder service has been designed to impact collection results on accounts that are 10-30 days delinquent and overdraft share accounts. This solution is designed as a quick touch to remind the member to make a payment on their debt, rather than to determine causes of delinquency or develop repayment plans. Clients who have implemented the new service are already experiencing a lower number of past due accounts as well as improved delinquency statistics.
Credit unions looking for improved collection operations and reduced delinquency, by eliminating part of the administrative tasks associated with making timely reminder calls, will benefit from the new service. With Payment Reminder, The Loan Service Center’s (LSC) team of experts work under the direction of the credit union’s Collection Manager and follow the credit union’s collection procedures. LSC makes the calls to members, including weekends and after hours, to increase the chances of speaking to the member. The results of the calls, the next contact, and course of action are all logged into the credit union collection system in real-time.
Wendy Elieff, Vice President of Sales & Service for CU Recovery & The Loan Service Center remarks on the results of this new service. “Payment Reminder has emerged as a cost effective way to reach members to make their payments and reduce delinquency for the credit union. The success of the program is in reaching the overdue member early and offering the convenience of a pay-by-phone option.”
About CU Recovery & the Loan Service Center
CU Recovery is the #1 collection solution for credit unions. Serving the industry since 1990, CU Recovery, Inc. is a full service collection agency dedicated to maximizing recoveries on charged off loans. The Loan Service Center, Inc. provides staffing solutions for credit union collection departments to minimize losses on their active delinquent loan portfolio. The combination creates a comprehensive suite of services exclusively for credit unions.