GRAND RAPIDS, Mich. — Eight credit unions are now using the services of their core processor to make an average of 125 collections calls a day.
The Lender*VP Collections Service from CU*Answers was organized in early 2007 and is charging as little as $1,500 a month for the offering, which utilizes the credit unions' existing collections tools built into their CU*BASE core processing tools.
In addition to freeing up staff for other duties, the integrated service helps avoid privacy disclosure issues and the necessity of converting or re-keying data involved in using third-party services, according to the Grand Rapids-based CUSO.
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The eight credit unions now using the Lender*VP Collections are $179 million Frankenmuth CU in Frankenmuth, Mich., $172 million CorePlus FCU in Norwich, Conn., $94 million Affinity Group CU (comprising Affinity, Wysouth and Crestwood credit unions) in Plymouth, Mich., $64 million Parkside CU in Livonia, Mich., $58 million First Trust CU in Michigan City, Ind., and $24 million Grand Rapids Family CU in Grand Rapids.
A ninth customer, $36 million Focus CU of Wauwatosa, Wis., plans to begin using the service this summer, according to CU*Answers (www.cuanswers.com).
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