The American Recovery Association and CU Collections have announced a partnership to help credit unions with their recovery efforts.
The ARA’s finance adjuster and certified recovery specialist membership specializes in locating and repossessing collateral on behalf of lending institutions including banks, savings institutions, finance companies, credit unions, rental/leasing companies, and auto, truck and equipment dealers. The Dallas-based association said its members serve 27,000 national and international cities.
CU Collections in Manassas, Va., helps credit unions create collections programs to help reduce or eliminate the costs of in-house collection efforts. The company said it currently has 20 clients and will begin assigning accounts to ARA members.
The ARA said its recovery software links lenders with recovery agents through the Internet for real-time communication.
Clients can utilize the technology to send assignments and view updates, condition reports and invoices on all accounts directly through ARA’s website, the company said.