While the Urban Institute calls the statistic alarming, it says the ratio is not a new trend.
Listening carefully can help collection officers bring delinquent loans current and retain member relationships.
Better listening collection staff preserves member relationships through tough economic times and brings more loans current CU, firm said.
United Credit Recovery lists credit unions as among its clients for third-party collections.
Credit unions would see fewer loans fall into significant delinquency if they reached out to borrowers earlier, a collections specialist says.
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...
BOSTON — Collections specialist discusses risk and rewards in session at NAFCU's Annual Convention in Boston.
California Attorney General charges that JP Morgan Chase used shoddy and even fraudulent legal practices in widespread attempts to collect on credit card debt.
Credit unions from Louisian, Florida, Illinois, Missouri and Washington state sign on for outsourced collections help.
American Consumer Council recognized CSF2 with its 2013 Friend of the Consumer Award.