Some people know a good thing when they see it, and it didn't take long for Bob Cowie, EVP at $530 million NorthCountry Credit Union in Burlington, Vermont to see the value proposition offered by CU Revest. After all, what credit union wouldn't jump at the chance to recover capital from old, abandoned charge offs and, at the same time, reinstate good, prior-prime members who have repaid their obligation, gotten back on their feet, and requalified for membership? Now, two years later, Bob knows he made a good decision. "CU Revest presented us with a very innovative solution to a difficult problem: how to recapture money that collection agencies failed to collect. It became immediately apparent that they are not a collection agency - they're in the member recovery business. And because it didn't cost anything to try them out, we had nothing to lose. As it turns out, CU Revest exceeded our expectations." Cowie continued, "CU Revest helps charged off members manage their obligation to the credit union, and they do it in a way that benefits both the credit union and the members. Even before we decided to partner with CU Revest, they performed a no-obligation valuation of our charge off portfolio and told us in advance what to expect for the first three years. Two years into the program we are well ahead of projections. In addition, we've received numerous testimonials from members, praising the respect and dignity with which CU Revest has helped them."
Larry Jackson, VP of Real Estate at $2 billion Together Credit Union in St. Louis is a long time CU Revest client. Larry says, "I first started a relationship with CU Revest in 2013, signing the contract in 2014. They beat expectations on our paper, meeting their 36 month projection in 24 months. We also signed up several of our credit union partners through the CUSO I ran at the time. Additionally, the VP of Collections enjoyed the relationship so much that we ended up working with CU Revest on early charge off collections as well. After I moved credit unions, I brought the CU Revest team on to help with our old charge off here as well. They have done a very good job in the first year of collecting the debt here. I know our collections manager loves working with them and says they are way easier to work with than our other agencies are. We originally were giving them about 50% of the collections pool available, but they quickly earned the other half. They are truly great people and the kind of people I wish all of our business partners could be."
We are proud to have been a partner of NACUSO since 2013. Formed in 1984, The National Association of Credit Union Service Organizations is our industry’s national trade association for collaboration and innovation. NACUSO’s core purpose is to be the catalyst for instituting collaboration, innovation and the reinvention of the Credit Union Industry.