BOSTON — It requires diligent vendor management, but credit unions can gain revenue and lower operating costs by outsourcing collections, said Marney MacFadyen, vice president of sales at Credit Control, a St. Louis-area firm that provides the service. MacFadyen shared the risks and rewards of the practice with attendees at NAFCU's Annual Convention Wednesday at the Hynes Convention Center in Boston.
Benefits of outsourcing past due loans include reduced overhead, compliance and technology costs, new revenue streams, and in contingency agreements, costs based only upon results.
"You can also redeploy internal resources to a more customer facing role, as opposed to having them in collections," she said.
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