Rivermark Community Credit Union's headquarters in Beaverton, Ore.
As member-oriented institutions, credit unions are not necessarily ones to jump at the thought of placing collections in the hands of someone else.
Michigan State University FCU also saw a delinquent loan increase as the economy faltered – Dolan said its delinquent loan to total loan ratio jumped from 0.84% in 2007 to 1.46% in 2008 and 1.74% in 2010; it’s since fallen to 1.52%. The CU generally handles collections by mailing a written notice at seven days past due and making a phone call and/or sending an e-mail at 15 days past due, Dolan said.
The Top 8 Elements of a Successful CU Collections Program