Responsible for performing collection activities associated with various delinquent member accounts, including Visa credit and debit cards, lines of credit, secured loans, signature loans, real estate loans, and home equity lines of credit. Reviews delinquent accounts, determines probable reasons for account status, and contacts members to resolve the delinquencies. Utilizes various techniques, as circumstances indicate, to promptly collect on delinquent accounts. Ensures that the Credit Union's professional image is maintained.
1. Assumes responsibility for the effective and professional performance of collections functions.
a. Receives delinquency reports from the computer system and verifies the status of the loans.
b. Follows up on delinquent accounts by telephone, personal contact, and correspondence to secure a satisfactory resolution to the repayment problem. Discusses possible financial arrangements, informs members of potential legal actions, and suggests financial counseling to arrive at suitable payment arrangements. Continues to collect until loan becomes a write-off, bankruptcy, or attorney account. Makes early contact with members and co-makers to collect and keep them informed of loan status. Makes effective use of collection tools including daily suspense and delinquent loan activity reports.
c. Utilizes effective human relations skills and various forms of persuasion to present a positive Credit Union image in an already negative situation. Calms irate members and answers member questions and complaints relevant to Department functions. Determines reasons for delinquencies and works toward permanent solutions. Minimizes losses by early actions.
d. Utilizes further appropriate collection methods if initial attempts do not secure required payment. Recommends extensions of due dates. Suggests consolidations, financial counseling, and repossessions as needed.
e. Posts approved extensions and notifies member of new due date by mail.
f. Monitors loans to ensure members have adequate insurance coverage to protect collateral and the Credit Union's interests.
g. Performs skip tracing.
h. Recommends accounts for repossession. Follows up with agent to ensure prompt recovery of collateral.
i. Recommends possible charge-offs.
j. Performs collections efforts in accordance with Credit Union policies and procedures and ensures they are legally compliant.
2. Assumes responsibility for the efficient administration of collections activities.
a. Keeps accurate and up-to-date activity reports on late, potentially late, and delinquent loans.
b. Documents all collection actions taken, including telephone conversations, alternative financial arrangements, and correspondence on computer.
c. Researches loan accounts that appear on late and potentially late records to ensure that Credit Union errors are detected promptly. Provides members the opportunity to fully explain their loan status.
3. Assumes responsibility for ensuring that professional business relations are established and maintained with Credit Union members and external contacts.
a. Maintains the Credit Union's professional reputation throughout collections operations and in all contacts with members.
b. Maintains confidentiality.
4. Assumes responsibility for establishing and maintaining effective communication and coordination with Credit Union personnel.
a. Assists area personnel as needed.
b. Keeps management informed of activities, progress toward established objectives, and of any significant problems.
c. Attends and participates in meetings as required.
5. Assumes responsibility for related duties as required or assigned.
a. Stays informed of changes in collections policies, procedures, and related legal requirements.
b. Actively and professionally cross-sells Credit Union services.
c. Ensures that work area is clean, secure, and well maintained.
