For nearly a decade, CU*Answers, a West Michigan-based cooperative CUSO, has partnered with its clients for doing collections work. Outsourcing hasn’t resonated positively in the past, but that is changing at CU*Answers.

“I have no idea how many clients outsource but I will tell you over the years, we were a credit union with a single collector. If they were sick, on vacation or ineffective, that created problems and also forced me to jump in rather than letting delinquency blow up,” commented Jim Dean, CEO of Oak Trust Credit Union in Plainfield, Illinois.

The Lender*VP Collections team doesn’t “take over” collections. They work as a partner with the credit union by using the CU’s policies and guidelines for collecting. The credit union simply sets the parameters and Lender*VP Collections works within that space with maximum effort. The result is a team of people working at a low operational cost instead of one or two collections agents working in a silo. Shared resources ensure that accounts are worked regardless of any extenuating circumstances.

Dean went on to say, “We get outstanding results from CU*Answers and it begins with the Collections team sending notices and the consistency of making the contact early.” For more information on Lender*VP Collections, contact Jerry Collins or click here.