Collections Officer I

Love Where You Work•Provo, UT

1d•Onsite

About The Position

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, home equity lines of credit, returned checks, negative account balances, and overlimit accounts. 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 role assumes responsibility for the effective and professional performance of collections functions, including receiving delinquency reports, following up on delinquent accounts by telephone, personal contact, and correspondence, discussing financial arrangements, informing members of potential legal actions, and suggesting financial counseling. The officer will continue collection efforts until the loan becomes a write-off, bankruptcy, or attorney account, making early contact with members and co-makers. The position also involves utilizing effective human relations skills to maintain a positive Credit Union image, calming irate members, determining reasons for delinquencies, and minimizing losses by early actions. Further appropriate collection methods will be utilized if initial attempts do not secure required payment, including recommending extensions, consolidations, financial counseling, and repossessions. The role also encompasses the efficient administration of collections activities, such as keeping accurate and up-to-date activity reports, documenting all collection actions, and researching loan accounts for errors. Additionally, the officer is responsible for establishing and maintaining professional business relations with Credit Union members and external contacts, ensuring confidentiality, and maintaining effective communication and coordination with Credit Union personnel, including assisting area personnel, keeping management informed, and attending meetings. Related duties include staying informed of policy changes, cross-selling Credit Union services, and maintaining a clean work area.

Requirements

High school graduate or equivalent.
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.
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.

Nice To Haves

Previous collection experience with full-service financial institution helpful.

Responsibilities

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, home equity lines of credit, returned checks, negative account balances, and overlimit accounts.
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.
Receives delinquency reports from the computer system and verifies the status of the loans.
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.
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.
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.
Posts approved extensions and notifies member of new due date by mail.
Alternates with other collections officers doing daily garnishments, billings, and attorney billings and trusts.
Acts on notification of impounded vehicles to protect the Credit Union’s interest.
Performs skip tracing.
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.
Represents the credit union in small claims court.
Refers accounts to Collector II for bankruptcy actions.
Continues related collection efforts.
Recommends possible charge-offs.
Researches and prepares the Write-off Summary Sheet.
Performs collections efforts in accordance with Credit Union policies and procedures and ensures they are legally compliant.
Keeps accurate and up-to-date activity reports on late and delinquent loans.
Documents all collection actions taken, including telephone conversations, alternative financial arrangements, and correspondence on computer.
Researches loan accounts that appear on records to ensure that Credit Union errors are detected promptly.
Provides members the opportunity to fully explain their loan status.
Maintains the Credit Union's professional reputation throughout collections operations and in all contacts with members.
Maintains confidentiality.
Assists area personnel as needed.
Keeps management informed of activities, progress toward established objectives, and of any significant problems.
Attends and participates in meetings as required.
Stays informed of changes in collections policies, procedures, and related legal requirements.
Actively and professionally cross-sells Credit Union services.
Ensures that work area is clean, secure, and well maintained.
Works a regular and predictable schedule.