CLEARWATER, Fla.-Card Services for Credit Unions, which supports more than 3,100 credit unions card portfolios, acknowledged that charge-offs are increasing. That's why the company is recommending that in addition to integrating bankruptcy scores into risk assessment, CUs should step up collections, picking up the phone for a courtesy call in 10 days rather than 30, said President Bob Hackney.
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"Some of our largest member credit unions are seeing chargeoffs in their credit card portfolios just like they have been seeing chargeoffs in their mortgage and auto loan portfolios. This problem certainly isn't just limited to mortgages," said Hackney.
