Debt collection Source: Shutterstock

Credit unions are renowned for building and maintaining member relationships that span decades, and sometimes generations. However, even in times of prosperity, a rigid, impersonal debt collection approach can jeopardize those hard-earned relationships and harm your brand.

In the current economic landscape, which has been highly affected by the global pandemic, nurturing your members throughout their payment cycle, even in collection, is more important than ever. With many loan modifications and payment deferrals ending soon, getting members back on track with their payments as soon as possible is critical. Whether you manage collection internally or work with an outside partner, an empathetic approach can strengthen your member relationships and improve your bottom line. Here’s how:

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