Are we neglecting on of our key departments? It is time we give our collections department a little respect.  The key to financial success is growing loans.  However, loan growth can be a liability if charge-offs and provisions skyrocket.  You cannot afford to neglect your collections area!  Sustain financial success by maintaining balance.

A successful Collections Department should:

• Identify Loan Opportunities through in-depth conversations and credit report analysis
• Detect “Doppler Radar” and how reaction times must improve
• Perform Resolution Collections – Avoiding ineffective “chasing the payment” scenarios that cost you money
• Assess risk properly from the onset – Avoiding a “one method fits all approach”.  We cannot afford to collect an “A” paper loan the same as a “D” or “E” loan or a first-time borrower.
• Have proper collection note taking techniques – Knowing specifics on why the member is late, an updated value of any assets, changes to the credit score, debts, employment, and any specific risks associated with the loan

Customize a package to fit your credit union’s specific needs:

• Breakout Training Sessions discussing resolution strategies and in-depth credit report analysis
• Side-by-side interaction with members
• Retainer follow-up audits on collectors
• Assessing risk properly from the onset

For more information or to discuss your individual collections department, contact us at sales@rexcuadvice.com.