The science behind success? Training formulas that work
WYOMING, MN; March 6, 2013. The best debt recovery strategy includes a tool box filled with formulas that work, even when circumstances change. Industry experts at CU Recovery, the leading collection solution for credit unions, see the future of training trending towards establishing resources that are member- focused and dedicated to supplying collectors with the working knowledge and skills that are needed, when they are needed. And studies continue to show that workers learn best from one another, or from peers in the same industry. CU Recovery will be providing essential training and resources for tough collection challenges at their September CU Recovery Collection Academy.
With tools for success changing at ever increasing speed, collection departments can simply be too busy to know where to look for training that gives them more effective tools. Training that will meet changing and challenging situations must center on training collectors where to find resource information rather than trying to teach every possible skill. According to Wendy Elieff, Vice President of Sales & Service for CU Recovery, “The latest calling or tracking technology may not be enough to increase debt repayment success, and online resources, although helpful, may be too general to be of use in specific situations.” “A more effective answer to creating a first class collection team is to integrate the best practices of successful collection departments into yours”, Wendy continued. She also points out that when collection staffs are able to relate to actual experiences and ask questions, it inspires them to develop new ideas and keeps them on their toes.
Failing to respond to current training trends can leave the collection staff frustrated and without the skill-sets necessary to tackle stale collection files, files in problem geographical areas, or files of members that simply cannot be found. In addition, pulling the pieces together to bring the delinquency ratios under control can be time consuming and ineffective if staff members are inexperienced or not up to date on current collection compliance requirements.
To impact collection success, Kelly Becker, President of CU Recovery, is dedicated to keeping credit unions “abreast of Industry developments, trends, and new products or services that help reduce loan loss.” The upcoming Fall CU Recovery Collection Academy will include a Best Practice session, conducted by Kelly, that will include lessons learned by their staff of experts and will facilitate the valuable sharing of experiences among the credit union attendees. Through industry expert speakers, the Academy will also take on the tough collection topics of bankruptcy, handling of probate collections, and the modification of loans vs. foreclosure, repossession or charge off.
CU Recovery, Inc. is a full service collection agency, working exclusively for credit unions, dedicated to maximizing recoveries on charged off loans. The Loan Service Center, Inc. provides staffing solutions for credit union collection departments to minimize losses on their delinquent active loan portfolio. The CU Recovery Collection Academy is a resource for continuing education to assure the success of Credit Union collection departments in meeting their member service and delinquency reduction goals. For more information: https://www.curecovery.com/cur/index.asp
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For Further Information Contact:
Wendy Elieff, Vice President Sales & Service