Collections Specialist

Liberty Bay Credit Union•Braintree, MA

About The Position

Liberty Bay Credit Union is a member-owned, nonprofit cooperative based in Braintree, Massachusetts, providing financial services to individual and business members. The Collections Department manages, reports, and recovers member debts to reduce borrower loan losses. The Collections Specialist supports timely and efficient recovery while balancing the credit union’s business interests with positive member relationships. The position contacts members about delinquent accounts, helps develop plans to bring accounts current, and handles account recovery activities including skip tracing, repossessions, claims, disputes, and coordination with collection agencies and legal representatives.

Requirements

At least two years of experience in a collections department at a credit union or financial institution.
Thorough knowledge of FDCPA, UDAAP, CFPB, TCPA, and collection best practices as they relate to a credit union.
Excellent verbal, negotiation, customer service, and communication skills, including the ability to resolve challenging situations calmly and professionally.
Well-organized and results-driven, with strong attention to detail and time-management skills to prioritize and balance multiple tasks and requests.
Ability to work independently and in a team environment, with a desire to learn and grow.
Strong computer skills, including spreadsheets and document preparation.

Nice To Haves

Google Workspace experience.

Responsibilities

Monitor payments for late or delinquent status.
Follow up by phone or correspondence on delinquent, high-balance, and overdue credit-balance accounts while maintaining a professional interface with members.
Contact delinquent members by telephone and email to determine the reasons for delinquency and assist them in developing plans to bring accounts current.
Develop workout plans and collect on overdue accounts where possible.
Notify co-signers about the status of delinquent accounts.
Keep current with credit union collection policies and procedures and applicable external regulations.
Perform skip tracing on loan accounts as required or directed.
Update files and system accounts using the credit union’s delinquent loan recovery system.
Maintain accurate, detailed data for repossessions, bankruptcy files, charge-off lists, and related matters.
Research payroll deduction stops, starts, and changes that may affect loan repayment status.
Status-code delinquent accounts so ATM or money-line access will be interrupted.
Correct title issues and other problems manually and in the system.
Process and monitor GAP and VSI claims.
Determine when to compromise and settle balances and when to initiate repossession proceedings.
Liaise with attorneys or agencies handling repossessions of collateral.
Prepare information for collection agencies and post receipts from those agencies.
Maintain credit reporting disputes.