Grow Revenue, Control Costs, and Increase Membership
How smarter collections activities can help your credit union.
Blog post by Marney MacFadyen, Vice President of Sales, Credit Control, LLC. Marney is a life-long fan and supporter of credit unions. Credit Control is the NAFCU Services Preferred Partner for Consumer and Commercial Loan Recovery Services. http://www.nafcu.org/CreditControl/
One of the most enjoyable aspects of my role as a NAFCU Preferred Partner is that I get to talk to so many credit unions around the country. Most often, I talk with loan recovery specialists. They tell me about the Consumer Financial Protection Bureau (CFPB) and how it impacts their ability to do their jobs, or about best practices and benchmarks they have found useful, or how they help their credit union colleagues understand what they do and why it’s so important. These stories drive everything I do.
For many people, “collections” is a dirty word. Most have some negative perceptions of the people who work to recover past due loans. And occasionally, we see an article or news piece spotlighting the misconduct of a rogue collector. Understandably, many credit unions are concerned when they see news like this, and out of an abundance of caution may be reluctant to collect from their members for fear of negative backlash or legal liability. As a consumer and commercial loan recovery veteran, I can say with complete confidence that there is a right, just, and helpful way for all credit unions to assist with and recover problem loans.