Collections Specialist

Position Overview :

We are seeking a dedicated and detail-oriented Collections Specialist to join our credit union. This role involves managing delinquent accounts, working directly with members to resolve overdue balances, and ensuring the credit union maintains strong relationships while protecting its financial health. The ideal candidate has excellent communication skills, a problem-solving mindset, and a compassionate approach to helping members fulfill their financial obligations.

Key Responsibilities :

1. Account Monitoring and Delinquency Management :

- Monitor member accounts to identify past-due loans, mortgages, and other obligations.

- Contact members to address overdue accounts through phone calls, emails, and written correspondence.

- Document all collection activities, including member interactions and payment arrangements, in the credit union’s system.

2. Member Communication and Resolution :

- Work collaboratively with members to understand their financial situations and develop repayment plans.

- Provide guidance on financial assistance options and strategies for resolving delinquencies.

- Ensure interactions are respectful, professional, and compliant with regulations.

3. Payment Processing and Recovery :

- Negotiate repayment schedules and settlements in accordance with credit union policies.

- Process payments received from members and apply them to the appropriate accounts.

- Initiate financial or legal actions such as charge-offs, repossessions, foreclosures, and small claims court proceedings.

4. Reporting and Analysis :

- Prepare delinquency and recovery reports for management.

- Monitor trends in delinquency rates and recommend strategies to reduce future risks.

- Assist in analyzing the effectiveness of collection efforts and improving processes.

5. Compliance and Regulation Adherence:

- Ensure all collection activities comply with applicable federal and state regulations, including the Fair Debt Collection Practices Act (FDCPA).

- Maintain confidentiality of member information at all times.

6. Collaboration and Team Support :

- Work closely with lending and other departments to resolve issues related to delinquent accounts.

- Provide insights and recommendations to improve the credit union’s credit and collection policies.

Qualifications and Skills :

- Education: High school diploma or equivalent required; Associate’s degree in Business, Finance, or related field preferred.

- Experience:

- Minimum of 1–2 years of experience in collections, credit, or a related role, preferably within a financial institution or credit union.

- Familiarity with loan servicing systems is a plus.

- Technical Skills:

- Proficiency in Microsoft Office Suite (Excel, Word, Outlook) and experience with financial or collection software.

- Knowledge of FDCPA and other relevant debt collection laws.

- Soft Skills:

- Strong communication and negotiation skills, with the ability to balance firmness and empathy.

- Excellent organizational skills and attention to detail.

- Problem-solving mindset with the ability to handle difficult conversations professionally.

Physical Requirements: Must be able to lift and carry items weighing up to 20 pounds, such as files or office supplies.

Work Environment :

- This position is primarily office-based, with occasional flexibility to accommodate member needs.

- Occasional overtime may be required during peak periods or to meet deadlines.

Compensation and Benefits :

- Competitive salary based on experience.

- Benefits include health insurance, retirement plan options, paid time off, and opportunities for professional development.