The tumbling economy has taken credit unions' collections departments off the back burner and put them front and center. CUs have had to ramp up and rethink the way they handle collections, so Credit Union Journal is exploring the best ways to do just that. In this ongoing series, CU Journal features tips, strategies and advice from in-the-trenches collections officers, as well as expert consultants.
How to Resolve Need for Collections Staff When Budget's Tight
CLEVELAND, Ohio — When lending to members with C, D, and E credit, CUs should focus first on getting the collections process in order.
Why One CU Eliminated the Word 'Collections' from Its Vocabulary
FORT WAYNE, Ind. — Skyrocketing unemployment is not leading to a similar rise in delinquency at Three Rivers FCU thanks in large part to a complete overhaul in the credit union's collections methods.
How to Resolve Need for Collections Staff When Budget's Tight
SAN ANTONIO — The costs to rescue corporate credit unions could make lowering delinquency rates a lot tougher.
For Many CUs, Rise in Collections Means Outsourcing Function
SAN JOSE, Calif. — With delinquencies growing, many credit unions are scurrying to improve collections processes and outsource some of the work.
With New Focus on Collections, 'Structure' of Operation Is Key
SAN JOSE, Calif. — With delinquencies growing, many credit unions are scurrying to improve collections processes and outsource some of the work.
Getting Aggressive Before Delinquencies Rise Helped SSFCU's Numbers Fall Later
SAN ANTONIO — Even if a credit union has not seen a sharp increase in delinquencies, one CU is advising not waiting until a crisis occurs before establishing an outsourcing arrangement with a third-party collections company.
How One CU Has Shrunk Delinquency with Revamped Collections Dept.
HOUSTON — Smart Financial Credit Union reports it shrunk its delinquency ratio from three times above peer average to three times below by removing "rigid" collections policies and making them very flexible.
