Ascend United Offering Pooled Portfolio Debt Sale Program for Credit Unions

Ascend United is currently offering credit unions that hold Centrix performing and non-performing loans the opportunity to participate in a pooled portfolio designed to attract the highest possible price.

Ascend United is the nation’s top seller of credit union charge-off debt and is a pioneer in bringing credit unions together to lower collection expenses and improve returns. Its staff has over 25 years of experience offering financial institutions sensible and trustworthy alternatives for debt recovery beyond collections.

Chief among these techniques is debt pooling. Ascend United works with institutions across the country to combine their smaller charge-off debt portfolios into the larger, more diverse offerings that attract the best possible buyers. Through debt pooling these institutions are able to get better prices for their charge-off debt and lower the overall expense of debt recovery.

Ascend United is now forming two pooled debt portfolios for Centrix loans. The first is made up of performing loans – accounts that are making fairly regular payments. The second will consist of non-performing loans – accounts that are past due. Ascend United will use a multiple bid process to get the best possible prices for these portfolios. Many other sellers of charge-off debt are planning to sell Centrix loans in a no-bid process, which could hold those prices down.

Those credit unions wishing to participate in Ascend United’s pooled portfolio should submit their files by July 31, 2007.

Ascend United values the bond of trust between our company and the financial institutions we serve. As a result, Ascend United never deals with any buyers until a thorough due diligence has been completed.

All Ascend United buyers are Gramm-Leach-Bliley compliant and abide by the Federal Fair Debt Collection Practices Act, the Fair Credit Reporting Act and follow the Debt Buyers Association’s code of ethics. Ascend United also provides full Gramm-Leach-Bliley and Sarbanes/Oxley compliance at every stage of data handling and transfer of information to ensure that all sales are smooth and trouble-free.