Collections Representative

Job Title

Collections Representative

Job Description

Think of us as a 100-year-old startup. As one of the oldest and most highly capitalized credit unions in the U.S., Liberty Bay Credit Union is arguably the best-kept secret in the financial space. We combine a century of New England stability with a fresh, high-energy purpose: to fuel the earning potential and personal ambitions of our hardworking members. We believe that advocacy, expertise, and honest guidance should be accessible to everyone. Based in Braintree, we are a member-owned, non-profit cooperative dedicated to providing work-class financial services to individuals and business members.

The Collections Department is responsible for the management, reporting, and recovery of outstanding debts from its members. The Collections department plays a critical role in reducing borrower loan losses to the Credit Union.

The Collections Representative is responsible for the timely and efficient recovery of outstanding debts. This role will optimize collections while balancing the goodwill of members with the overall business interests of the credit union.

Responsibilities

Monitor payments for late and/or delinquency status. Follow up on delinquent, high-balance, and overdue credit balance accounts by phone and/or correspondence. Ensure professional interface with members.

Contact delinquent members by telephone and email to determine the reasons for balance or delinquency, and assist them in developing plans to bring accounts to a current status. Develop workout plans and collect on overdue accounts wherever possible.

Notify co-signers regarding the status of delinquent accounts.

Keep abreast of credit union collection policies and procedures as well as applicable external regulations.

Skip trace on loan accounts as required or directed.

Update files and system accounts via the credit union's delinquent loan recovery system.

Maintain detailed, accurate data for repossessions, bankruptcy file, charge-off list, etc.

Research payroll deductions, stops, starts, and changes as they may affect the status of a loan repayment. Status code delinquency accounts so ATM/money line(s) will be interrupted.

Correct title issues and other problems both 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.

When loan collateral should be repossessed, serve as liaison with attorneys or agencies in handling repossessions of collateral.

Prepare information required by collection agencies, and post receipts from collection agencies.

Maintain credit reporting disputes.