PSCU Adds Another Tool to Its Collections Business
Payments CUSO to partner with Minneapolis company specializing in probate and bankruptcy cases.
PSCU, a St. Petersburg, Fla.-based payments CUSO, has added another resource to its collections business with the announcement Tuesday of a partnership with a Minneapolis company that deals with bankruptcy and probate claims.
DCM Services’ technology will now be used by CU Recovery, a PSCU subsidiary and full-service collection agency that manages non-performing and charged-off loans with a menu of third-party collection services. Its Loan Service Center provides first-party collection services designed to minimize loan losses by managing early-stage delinquencies. The center’s agents work under the direction of credit union collection departments to follow their procedures. They also can employ the center’s spectrum of collection resources and training programs to help credit unions manage and mitigate loan delinquency rates.
Wendy Elieff, SVP of client service and marketing for CU Recovery & The Loan Service Center, said the partnership will strengthen the effectiveness of its collections efforts by providing credit unions with the ability to add additional services that use DCMS proprietary technology.
“This partnership provides an additional depth of experience and knowledge that creates a win-win for our clients,” Elieff said. “We look forward to working alongside DCMS to proactively increase recoveries on accounts.”
The partnership with DCM follows PSCU’s announcement in March that it had formed a partnership with Allied Solutions of Carmel, Ind., to provide financial institutions with single-source delinquency management services.
DCM Services said its clients include nine of the top 11 financial services institutions, large healthcare systems, and other types of businesses from retail to automotive.
DCMS CEO Tim Bauer said its recovery tools are also needed by credit unions.
“While our two companies each offer very specialized services, our partnership will be mutually beneficial for our credit union clients,” Bauer said.
PSCU bought CU Recovery and The Loan Service Center of Wyoming, Minn., in 2018 to help its credit union owners better manage collections.
PSCU, which works with about 1,500 credit unions, had $582.5 million in revenue in its fiscal year that ended Sept. 30, 2020, up 4.7% from 2019. Assets grew 21.1% to $905.1 million.