PSCU’s CU Recovery & The Loan Service Center Grows Relationship With Advia

PSCU company CU Recovery & The Loan Service Center has bolstered its relationship with Advia Credit Union. The Loan Service Center (TLSC) has started supplying early-stage payment reminders for the credit union (CU) beyond third-party support services for recoveries on charged-off loans and shares, according to a Tuesday (Feb. 2) announcement.

“Collaborating with The Loan Service Center will enable our in-house collection team to maximize their time, focus and efforts on creating optimal resolutions for later-stage delinquent members,” Joe Trotter, manager of Collections at Advia Credit Union, said in the announcement. “We selected TLSC in part because of the team’s willingness, enthusiasm and commitment to work hard on collecting early-stage debt. TLSC’s early returns on both quantity and quality of calls has been impressive as well.”

In its search for additional collection services, Advia Credit Union was looking for a partner that would develop a relationship with its early-stage delinquent members, keeping them engaged and paying their loans. Advia particularly aimed to experience a significant decrease in the number of members that default on their loans at the 30-day mark. TLSC was a good match as it is an organization that connects with the CU collection team to offer quality calls and detailed collection notes, according to the announcement.

“We are especially proud to continue to grow and expand our relationship with Advia Credit Union,” Wendy Elieff, senior vice president of Client Service and Marketing at CU Recovery & The Loan Service Center, said in the announcement. “We look forward to continuing to work alongside the credit union’s delinquency management team while maintaining the consistency of the member experience.”

Similar to their cousins in banking, CUs have long enjoyed a relaxed cadence of technological change. Consumers waited on financial institutions (FIs) to innovate in an unusual relationship that prioritized business needs before clients’ needs. Not anymore.

PYMNTS’ December Credit Union Tracker® done in collaboration with PSCU, examined a year of innovations in the CU space, noting that “digital-first approaches are … expected to remain a staple of credit unions’ operations as they craft their innovation strategies for the next year and beyond, especially as 88 percent of CUs surveyed in early 2020 said that they intended to focus more on technologies than they had during the previous year.”