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.
Brown urged credit union card executives attending a card management school offered by Card Analysis Solutions to work with their credit bureau processors to identify member behavior which indicates a member is in financial trouble even when they are not late on any credit union cards.
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