Problem:
Delinquency rates across all loan types are expected to continue their
current upward trend until the economic climate stabilizes and consumers
regain more solid financial footing. As competition among creditors
for their borrowers’ delinquent dollars intensifies, credit
unions need to find more efficient and less costly approaches to account
collections.
Solution:
PSCU Financial Services has enhanced its FastCure collections solution
to address all types of loan products. FastCure’s high-speed
automated dialing and messaging technology can be used in collections
efforts for any loan product and at any stage in
the delinquency cycle. FastCure removes the wasted effort that often
accompanies manual calling by filtering out the “no answers”,
disconnected lines and busy signals. The solution authenticates every
member and gives members the option to speak to the credit union’s
own collections professionals. FastCure delivers a credit union-branded
collections message in a non-threatening manner that productively
reminds members of their payment obligations without creating a perception
of harassment. FastCure is an ideal collections vehicle for members
who may be experiencing a temporary short fall of resources or simply
overlooked their payment due date.
Results:
The solution enables credit unions to reach more members and collect
delinquent loan payments with significantly less effort and expense
than manual calling methods. With FastCure, credit union collectors
work only the calls that make a real difference in curing delinquencies
– promises to pay and on-the-spot payments. In addition, FastCure’s
automation enables more frequent call attempts, increases the rate
of right-party contacts and drives a higher rate of member interaction.
Deploying FastCure early in the delinquency cycle gives credit unions
a competitive edge to secure their members’ late payments. By
reducing the number of members moving through the earlier stages of
loan delinquency, credit unions preemptively reduce the number of
members who end up in charge-off situations.
Contact:
Tom Beatty
P. 800-443-7728 extension 7877
E. Tbeatty@pscufs.com
Back
To CU Solutions
