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NBC, NYT pieces on collections give credit unions pause for thought.
Five key areas credit unions should assess in their repossession process.
Credit unions are using resources such as GPS tracking devices and starter-interrupt systems to help members with low credit scores and questionable histories purchase cars.
Each mortgage modification a credit union makes to help members avoid foreclosure keeps the housing market in better health.
State Department FCU’s in-house legal counsel drives a double-digit increase in recoveries and shortens collection turnaround time.
Credit unions are lending to businesses at a record pace, a trend which is helping boost local economies, says Callahan & Associates’ analyst Andrew Bolton.
The recovery of the under-built housing market may be on track as builders say they are more confident, investment purchases pick up and as affordability improves.
Contingent repossession accounts through third-party Forwarders endanger credit union members.
At Security Service, asset recovery employees are problem solvers, not order takers.
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