MADISON, Wis. (10/9/12)--A new alliance between CUNA Strategic Services Inc. (CSS) and TekCollect will offer credit unions the ability to 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 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. In more prolonged situations, 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.