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14,000 Members Returned to Credit Unions

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SAN DIEGO, CA. (December, 2022) CU Revest announces the return of 14,000 previously charged off members to good standing with their Credit Union. The San Diego based Special Asset Management CUSO reached the record milestone in November by helping its 14,000th charged off borrower restore her creditworthiness and regain borrowing privileges with her Credit Union.

CU Revest is known for its unique, award-winning recovery model that recovers credit unions’ money while helping member-borrowers re-establish creditworthiness and regain their borrowing privileges. Using proprietary predictive analytics based on the repayment attributes of more than one million borrows and $4 billion in assets under management, and 24/7 behind-the-scenes monitoring of borrowers’ financial capacity using its proprietary Tracking and Monitoring Intelligence technology, CU Revest knows when borrowers are getting back on sound financial footing. Only then are member-borrowers contacted by CU Revest employees who are rewarded for every verified positive testimonial received from those whom the CUSO helps repay their charge off balance.

Most consumers do not realize that simply repaying their charged off debt has no effect on their credit score. To help qualified charge off member borrowers reestablish their creditworthiness while repaying their Credit Union, CU Revest’s captive consumer finance company provides charge off refinancing loans at 0.00% APR and $0 fees to borrowers who are getting “back on their feet,” have no tax liens or past due child support and reduce their outstanding charge off balance by “paying 20% down.” These new monthly payment loans are reported to all credit reporting agencies and, on average, have helped to increase individual borrowers’ credit scores by 80 – 90 points.

By understanding the member-owner relationship between borrowers and their Credit Union, the nation-wide CUSO recovers money and members for its Credit Union clients while helping their charged off borrowers restore their self-esteem and creditability.

According to Anthony Joplin, President of CU Revest, “The CU Revest capital and member recovery model has not only restored millions of dollars of “cold case” charge off balances to our credit union clients, but we have also prevented 14,000 loyal, requalified credit union members from jumping ship by defecting to payday lenders, auto pawn institutions, loan sharks and other high-interest financial sources. Bad things happen to good people and whether charge offs are the result of medical emergencies, divorce, unemployment or underemployment, the pandemic, bank-breaking inflation, or some other cause outside the control of the borrower, we know how and when to help Credit Union members satisfy their financial obligations.”

About CU Revest:  San Diego based CU Revest is the award-winning Credit Union Service Organization that, with its sister companies Credit Solutions Corporation and Distressed Portfolio Management, provides 1st and 3rd party collection services, charge off recovery services, and immediate or over-time partial or total charge off portfolio purchase services.

About Author:
Mike Hales is EVP, Strategic Relationships with CU Revest, a San Diego – based Special Asset Management CUSO.  Mike is a veteran Credit Union Industry consultant with Counter Intelligence Associates/The Rochdale Group, a former community bank president, and is a member of the NACUSO board of directors. Mike received his law degree from Lincoln University, San Francisco, and is the author of “The Handbook of Consumer Banking Law” (Prentice-Hall, 1989) and “The Language of Banking” (McFarland, 1994). Mike can be reached at mhales@curevest.com.

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