80% of Respondents Say Finding Experienced Collectors Difficult -A Client Survey by CU Recovery

cu_rcvryFOR IMMEDIATE RELEASE

Wyoming, MN – December 15, 2014 – In a recent client survey conducted by CU Recovery, a staggering 80% of respondents said that finding experienced collectors was difficult. In analyzing the results, individual clients list a number of reasons for the shortfall. Not surprising, Credit unions are careful to select people that fit their culture and philosophy. Other factors include the geographic location of the credit union and a lack of talent in their area. Others state that they lack physical space to house additional staff. One solution to these roadblocks would be to outsource all or part of the collection process.

In other significant areas of the survey, 45% of respondents state that staff are not proficient in skip tracing, may not be up to date with compliance and regulations and that the credit union recovery goals will not be reached in 2014. Adding or increasing targeted training for new hires and existing personal could help in these important areas.

Studies show that using several methods of teaching may be the most effective to create a blended learning approach. Many credit unions do not have a formalized training program and most frequently training is conducted in time available bites at the trainee’s desk. A hard reality of day to day busyness says: ‘I don’t have time to prepare or to deliver regular training, much less adopt a new approach’.

Fortunately, there are outside options that can round out a solid strategy to keep employees growing in skills needed to do their jobs. These can include computer based training, online or e-learning, and attending subject matter classes. CU Recovery has developed a series of training sessions that build the foundation for collection success by sharing their experience and expertise with credit union staff. There is no status quo with CU Recovery. As the needs of credit unions change, so do the services provided.

##

 About CU Recovery & the Loan Service Center

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: www.curecovery.com

Print Friendly, PDF & Email

1 thought on “80% of Respondents Say Finding Experienced Collectors Difficult -A Client Survey by CU Recovery

  1. Over my 40 years in the repossession industry, collection staff knowledge as well as experience seems to be decreasing. There was a time when a collector was often just as experienced as myself in in the ability to properly skip a customer. Today, very often I seem to be speaking to a much younger and less qualified collection representative. I know in the past, when an entry level collector was hired, he/she began by working the 30+ day accounts. Making soft calls introducing the collector to the cold calling experience. After time the collector would move up to the 45-60 day accounts then on to the 90+ delinquent customers. From this position the collection specialist would be moved to the credit department learning loan evaluation and approval procedures. After learning credit department procedures, the employee would be moved into the collection manager position. When it was time for another to fill the collection manager position, the collection manager would fill the credit manager position. After a few years, the collector would learn most aspects of the credit and collection department position with the ability to train entry level collection staff. Perhaps, inside training as well as continuing education provided by CU Recovery Academy would help the collection staff to become more knowledgeable.

Leave a Comment

Skip to toolbar