Are We Neglecting One of Our Key Departments?
It’s time we give our collections department a little respect
The key to financial success is growing loans. However, loan growth can be a liability if charge-offs and provisions skyrocket. You cannot afford to neglect your collections area! Sustain financial success by maintaining balance.
A successful Collections Department should:
- Identify Loan Opportunities through in-depth conversations and credit report analysis
- Detect “Doppler Radar” and how reaction times must improve
- Perform Resolution Collections – Avoiding ineffective “chasing the payment” scenarios that cost you money
- Assess risk properly from the onset – Avoiding a “one method fits all approach”. We cannot afford to collect an “A” paper loan the same as a “D” or “E” loan or a first-time borrower.
- Have proper collection note taking techniques – Knowing specifics on why the member is late, an updated value of any assets, changes to the credit score, debts, employment, and any specific risks associated with the loan
Customize a package to fit your credit union’s specific needs:
- Breakout Training Sessions discussing resolution strategies and in-depth credit report analysis
- Side-by-side interaction with members
- Retainer follow-up audits on collectors
- Assessing risk properly from the onset
Collections expert Karin Brown
“Karin is one of the premier collectors around the country and has worked with hundreds of credit unions helping reduce delinquencies, provisions, and improving department efficiencies. With unheard-of low delinquency and charge-offs and an incredible track record with several multi-billion dollar credit unions, it is obvious Karin truly loves collections. We guarantee you will be delighted with Karin and see real results, or your money back!”
Rex Johnson, CEO LSCI
For more information or to discuss your individual collections department, contact Karin Brown at 630-334-4928 or Marsha Wieder at 877-915-7675 x61