CU Recovery handles post charge-off accounts and is a full-service collection agency, while The Loan Service Center is a first-party collection company. Both of these businesses will become wholly-owned subsidiaries of PSCU. The acquisition will enable PSCU to add limited core integration that already exists within The Loan Service Center, as well as post charge-off collections to the company’s current offerings.
“PSCU is excited about the opportunity to expand its collections offering into our existing suite of payments solutions,” said Jack Lynch, Chief Risk Officer at PSCU. “The acquisition of CU Recovery and The Loan Service Center enhances our current account recovery and collections services, enabling us to provide a more robust offering and ultimately a more integrated member experience.”
“PSCU’s commitment to member service and the credit union industry were key elements in our decision to become a part of the cooperative,” said Chris Becker, Chief Operating Officer at CU Recovery and The Loan Service Center. “We are excited about the opportunity to leverage the power of PSCU to enhance our services for our current and future clients.”
PSCU, headquartered in St. Petersburg, Fla., is the nation’s leading credit union service organization (CUSO). Founded in 1977 as a credit union cooperative, PSCU offers a comprehensive, highly integrated suite of payment solutions for credit unions to optimize their member experience. Today, PSCU supports the success of nearly 900 Owner credit unions representing 20.4 million accounts. Leveraging digital technology, PSCU provides secure, best-in-class solutions including payment processing, risk management, analytics, loyalty programs, marketing, strategic consulting and mobile platforms. Comprehensive, 24/7/365 member support is delivered by contact centers located throughout the United States. For more information, visit pscu.com.