Charge-off sheets aren’t good news for anybody. They eat up capital and reduce membership. Collections departments do what they can. But many credit unions put themselves at risk of non-compliance with their charter if they don’t do more.
Given the economic news of the past few years, it’s no wonder some former prime borrowers have gotten themselves into a corner. Some may have lost their job. Or a big medical bill might have put them in a position where they couldn’t pay. They’re not bad people or bad members. They just got stuck and need a way back.
At CU Revest, we know that long after collection departments and collection agencies have stopped working on old charge off accounts, the effects of negative life events minimize and borrowers regain their ability to repay. We know how to identify those former members, and reach out to them with opportunities for restoring their good credit.
Not a collection agency or debt buyer, we’re an asset management CUSO. We help credit unions easily manage and monetize their charged off consumer debt while helping members earn back their good credit. Our proprietary, patent pending process includes software that allows us to identify which former members on your charge-off sheet are likely to return. And our unique methods of interaction offer a dignified, workable path to return them to responsible membership.
Owned in part by Servatus Corporation, and in part by contributing credit unions, the management team at CU Revest brings 30 years experience in the financial services industry, and 15 years experience in portfolio acquisition to bear on this innovative approach to reengage past prime borrowers. We’re not new to this business. This is our world and we know how to get results.
At CU Revest, our method works. Just ask the many credit unions we work with. In just (time frame), our results are averaging over 400% of projected valuation. We have over $250 MM in assets under management and growing. And the cost? Well, it costs you nothing. We work with your charge-off sheet and share in the recoveries. So you gain assets that no longer represent a portion of your capital. And found money is the perfect antidote to increased regulatory capital requirements. What’s more, we restore members back to their prime lending status.
You don’t change any of your procedures. You just turn on the software and your charge-offs automatically download to CU Revest. A user-friendly interface allows your collections managers to identify and track process. We’ll perform a valuation of your charge-off portfolio dating back six years. Then, we’ll provide an estimate of your capital and recovery opportunity. Then we get started with the process. And that’s it.HOW IT WORKS