Debt sales and collection agencies, traditionally shunned by credit unions, can boost the bottom line without sacrificing reputation.
Next year, New York debtors can limit debt collection communication to email only.
The business of selling debt and the changing face of debt collectors.
Read about CFPB collections scrutiny, outsourcing, retiree debt and more in this Focus Report.
Going outside the credit union's walls helps some get much-needed collection expertise.
The days of segmenting past due accounts into queues based on criteria such as priority, product and alphabetical order are over.
Read how credit unions are thriving in cities where residents have the most debt in collections.
Credit union leaders say they already consider FICO's changes when underwriting loans for members.
The suburban Chicago firm provides contact center and lender services for more than 300 credit unions, banks and mortgage lenders.
While the Urban Institute calls the statistic alarming, it says the ratio is not a new trend.