More people than ever are leaving large national banks for smaller community banks and Credit Unions. Credit Union Membership is on the rise with 3.5 million new Members just last year. It really comes down to consumers finding value in the great service Credit Unions offer their Members!
Another reason for growth in many Credit Unions is due to the expansion of indirect lending programs. For some Credit Unions this can present issues with delinquency, especially if they are understaffed in their collections department. Outsourcing work to the right partner can relieve some of the burden and can be beneficial to the bottom line of the Credit Union. Working with the right partner may even help the Credit Union lend more aggressively due to the support a good agency will provide to the collection department.
One can find a good partner that offers these benefits at no cost to the Credit Union, so don’t settle for an agency that will charge you for these services. Make sure your partner has a Member-Friendly approach to collections and is compliant in every way. Addressing delinquent accounts before they turn into repossessions is fundamental. The right firm will work with your Member and make sure they have exhausted every option before repossessing a Member’s vehicle. Subsequent redemptions after repossession may be an indication that all collection solutions were not explored. I hope this helps in your search for the right collection partner.
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Good company in a journey makes the way seem shorter. — Izaak Walton
Published By: Adam Herbert