Collections Officer

Responsible for performing collection activities associated with various delinquent member accounts, including Visa credit and debit cards, lines of credit, secured loans, signature loans, real estate loans, and home equity lines of credit. Reviews delinquent accounts, determines probable reasons for account status, and contacts members to resolve the delinquencies. Utilizes various techniques, as circumstances indicate, to promptly collect on delinquent accounts. Ensures that the Credit Union's professional image is maintained.

This position requires excellent public relations skills and a thorough understanding of the Credit Union's lending policies and procedures as well as related legal requirements. Persistence, professionalism, and tact are vital to the successful execution of this position.

1. Assumes responsibility for the effective and professional performance of collections' functions.

a. Receives delinquency reports from the computer system and verifies the status of the loans.

b. Follows up on delinquent accounts by telephone, personal contact, and correspondence to secure a satisfactory resolution to the repayment problem. Discusses possible financial arrangements, informs members of potential legal actions, and suggests financial counseling to arrive at suitable payment arrangements. Continues to collect until loan becomes a write-off, bankruptcy, or attorney account. Makes early contact with members and co-makers to collect and keep them informed of loan status. Makes effective use of collection tools including daily suspense and delinquent loan activity reports.

c. Utilizes effective human relations skills and various forms of persuasion to present a positive Credit Union image in an already negative situation. Calms irate members and answers member questions and complaints relevant to Department functions. Determines reasons for delinquencies and works toward permanent solutions. Minimizes losses by early actions.

d. Utilizes further appropriate collection methods if initial attempts do not secure required payment. Recommends extensions of due dates. Suggests consolidations, financial counseling, and repossessions as needed.

e. Posts approved extensions and notifies member of new due date by mail.

f. Monitors loans to ensure members have adequate insurance coverage to protect collateral and the Credit Union's interests.

g. Acts on notification of impounded vehicles to protect the Credit Union’s interest.

h. Performs skip tracing.

i. Recommends accounts for repossession and foreclosure. Follows up with agent to ensure prompt recovery of collateral. Recommends and completes small claims court complaints and post judgment actions including garnishments, supplemental orders, and executions.

j. Refers accounts to Collector II for bankruptcy actions. Continues related collection efforts.

k. Recommends possible charge-offs. Researches and prepares the Write-off Summary Sheet.

l. Performs collections efforts in accordance with Credit Union policies and procedures and ensures they are legally compliant.

2. Assumes responsibility for the efficient administration of collections activities.

a. Keeps accurate and up-to-date activity reports on late, potentially late, and delinquent loans.

b. Documents all collection actions taken, including telephone conversations, alternative financial arrangements, and correspondence on computer.

c. Researches loan accounts that appear on late and potentially late records to ensure that Credit Union errors are detected promptly. Provides members the opportunity to fully explain their loan status.

3. Assumes responsibility for ensuring that professional business relations are established and maintained with Credit Union members and external contacts.

a. Maintains the Credit Union's professional reputation throughout collections operations and in all contacts with members.

b. Maintains confidentiality.

c. Develops contacts with the NUCI and other financial institutions. Uses shared information to effectively minimize Credit Union losses.

4. Assumes responsibility for establishing and maintaining effective communication and coordination with Credit Union personnel.

a. Assists area personnel as needed.

b. Keeps management informed of activities, progress toward established objectives, and of any significant problems.

c. Attends and participates in meetings as required.

5. Assumes responsibility for related duties as required or assigned.

a. Stays informed of changes in collections' policies, procedures, and related legal requirements.

b. Actively and professionally cross-sells Credit Union services.

c. Maintains cleanliness and security of work area, desks, and equipment.

1. Delinquent and problem accounts are closely monitored and reviewed.

2. Appropriate collections actions are instituted which are in accordance with established Credit Union policies and are legally compliant.

3. Delinquent accounts are promptly collected. A delinquency ratio which meets management standards is maintained.

4. Professional business relations exist with members. Members' questions are courteously answered and they are properly assisted with their financial problems.

5. Required reports and records are accurate and timely.

6. Good working relations exist with area personnel and with management. Management is appropriately informed of area activities.

Education/Certification: High school graduate or equivalent.

DESIRABLE Knowledge: Knowledge of collection procedures and related laws and regulations.

Understanding of Credit Union loan products and policies. Familiar with default and enforcement clauses.

Familiar with deposit programs, account ownership, and casualty insurance.

Basic understanding of the U.S. Bankruptcy Code.

Understanding of Small Claims Court system.

Experience Required: Previous collection experience with full-service financial institution helpful.

Skills/Abilities: Accuracy and thoroughness in work.

Excellent communication, telephone, and public relations skills.

Ability to work well independently.

Ability to work well in stressful situations.

Ability to operate related computer applications and other business equipment including calculator, typewriter, copy machine, printer, credit bureau terminal, telephone, fax.

Finger Dexterity: Using primarily just the fingers to make small movements such as typing, picking up small objects, or pinching fingers together.

Talking: Especially where one must frequently convey detailed or important instructions or ideas accurately, loudly, or quickly.

Average Hearing: Able to hear average or normal conversations and receive ordinary information.

Repetitive Motion: Movements frequently and regularly required using the wrists, hands, and/or fingers.

Average Visual Abilities: Average, ordinary, visual acuity necessary to prepare or inspect documents or products, or operate machinery.

Physical Strength: Sedentary work; sitting most of the time. Exerts up to 10 lbs of force occasionally. (Almost all office jobs.)

None: No hazardous or significantly unpleasant conditions (such as in a typical office).

Reasoning Ability: Ability to deal with a variety of variables under only limited standardization.

Able to interpret various instructions.

Mathematics Ability: Ability to perform basic math skills and to use decimals to compute ratios and percents, and to draw and interpret graphs.

Language Ability: Ability to use passive vocabulary of 5-6,000 words; to read (by sight or braille) at a slow rate; define unfamiliar words in dictionaries for meaning, spelling, and pronunciation.

Ability to write complex sentences, using proper punctuation, and using adjectives and adverbs.

Ability to communicate in complex sentences; using normal word order with present and past tenses; using a good vocabulary.