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5 Reasons to Outsource Account Recovery

Debt sales and collection agencies, traditionally shunned by credit unions, can boost the bottom line without sacrificing reputation.

By Jeffrey Hartman | Updated on February 05, 2015
jeffrey hartman

Credit unions have long been an excellent alternative for members who do not desire to use traditional banking services for their banking needs. With a more localized focus and different structure, credit unions have thrived as part of the financial system in the United States for some time.

However, credit unions have also taken a different model for recovering defaulted assets.  If any recovery method is used, it is typically in-house or through legal means, not through collection agencies or debt sales.  Fear of bad press and that potential members will negatively view the credit union has prevented credit unions from higher recoveries of defaulted assets.

From the perspective of account recovery professionals, there may be several ideas that credit union board members should consider in both viewing and recovering defaulted assets.

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