A new white paper from the CUNA Lending Council reports that the ongoing poor economy is forcing more credit unions to focus greater attention on collection than they did previously.
"Collections has always been on the back burner," noted Jessica Anderson, collections manager at the $400 million 121 Financial Credit Union in Jacksonville, Fla. "We know they're making a difference, but we've never seen the true impact of collections' successes or losses until we've reached these economic times."
The continuing poor economy has meant that the profile of credit union members drawn into the collections process has changed as well, according to the paper. As the recession has continued, increasing numbers of members in collections have been coming from formerly affluent households and likely still have relatively high credit scores, the paper said.
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