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On-Site Coverage: Credit Unions Need to Reinvent Their Collections, Executive Says

ORLANDO, Fla. - Credit unions must reinvent their collections procedures to match the current economic conditions or risk seeing their losses climb sharply, according to a collections executive and consultant.

By David Morrison | Updated on March 08, 2009

ORLANDO, Fla. – Credit unions must reinvent their collections procedures to match the current economic conditions or risk seeing their losses climb sharply, according to a collections executive and consultant.

“The bottom line is that you will not be able to do collections the same way you did them ten years ago, five years ago or last year,” Karin Brown, vice president for collections for Lending Solutions Incorporated, a nationwide CU consultant.

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