Through TLSC’s extended services, credit unions will gain access to Millennium’s nationwide first-party delinquency management services for collateral recovery and remarketing, the companies said in a Tuesday (Oct. 31) press release emailed to PYMNTS.
By adding the offerings of Millennium, an asset repossession management company, TLSC will expand the range of services it can offer credit unions that are looking to manage repossessions effectively, efficiently and economically, Wendy Elieff, senior vice president, client service and market at TriVerity and The Loan Service Center, said in the release.
TLSC provides staffing solutions to minimize losses on delinquent active loan portfolios, while TriVerity, also a PSCU company, is a full-service collection agency, per the release. PSCU is a payments credit union service organization (CUSO) and integrated financial technology solutions provider.
“At The Loan Service Center, we strive to help lighten the load on credit unions and coordinate all aspects of their secured account needs by providing industry-leading repossession, remarketing and collection solutions, among others,” Elieff said.
Millennium’s services include nationwide recovery management, skip tracing, impound negotiation and remarketing services, according to the press release. The firm was established in 1999 and recovers and resolves billions of dollars annually.
“We are extremely pleased to partner with TLSC to expand its already robust repossession and remarketing solutions and are confident that, by working together, we can ensure credit unions have access to the same caliber of service and options as bigger financial institutions,” Jeffrey Marsh, president at Millennium Capital and Recovery, said in the release.
PYMNTS Intelligence has found that credit unions are merging in record numbers to pool resources and survive in a rapidly changing economic environment.
They are doing so at a time when the financial industry has become more competitive than ever and a shift to digital has made it harder than ever for credit unions to maintain the member relationships that have traditionally been their strength, according to “Credit Union Consolidation in a Tough Economy,” a PYMNTS and PSCU tracker.