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Economy Forcing CUs to Change Collection Methods

The lingering slowdown that is afflicting the U.S. economy is forcing credit unions to pay more attention to collections, a part of their business that is often forgotten or ignored, according to a new report prepared by the CUNA Lending Council.

By David Morrison | Updated on January 09, 2012

The lingering slowdown that is afflicting the U.S. economy is forcing credit unions to pay more attention to collections, a part of their business that is often forgotten or ignored, according to a new report prepared by the CUNA Lending Council.

“Collections has always been on the back burner,” noted Jessica Anderson, collections manager at the $400 million 121 Financial Credit Union, Jacksonville, Fla. “We know they’re making a difference, but we’ve never seen the true impact of collections’ successes or losses until we’ve reached these economic times.”

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