Webinar 8: Collections by Rex Johnson
Collections is without a doubt the key to a successful credit union. Unfortunately, many credit unions have not held their collection departments in very high esteem. But all of this is about to change, with a few exceptions. Credit unions are going to have record write-offs in 2005 thanks to the change in the new bankruptcy laws. Week #42 produced 314, 994 new bankruptcies. There has never EVER been a week like this before. Bankruptcy filings though 10/22/05 were 1,986,115 vs. 1,286,429 one year earlier. And the number of consumer credit cards falling delinquent hit a 32-year high. Credit unions are not staffed or trained to handle the onslaught headed their way.