Read how credit unions are thriving in cities where residents have the most debt in collections.
Credit union leaders say they already consider FICO's changes when underwriting loans for members.
The suburban Chicago firm provides contact center and lender services for more than 300 credit unions, banks and mortgage lenders.
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.