Collections Specialist

    • Job Tracking ID: 512165-712453
    • Job Location: Longmont, CO
    • Job Level: Any
    • Level of Education: High School/GED
    • Job Type: Full-Time/Regular
    • Date Updated: 11/20/2019
    • Years of Experience: Any
    • Starting Date: ASAP
    • Days of the Week: Mon,Tue,Wed,Thurs,Fri
    • Hours: M-F 9am - 6pm & ocassional Sat 9-1
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Job Description

 

POSITION SUMMARY:

Responsible for performing collection activities associated with various delinquent member accounts, including overdrafts,  Visa credit cards, lines of credit, secured loans, signature loans and real estate loans.  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. 

 

ESSENTIAL FUNCTIONS:

  • 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.

  • Monitors loans to ensure members have adequate insurance coverage to protect collateral and the Credit Union's interests

  • Completes check exception report and collects on all accounts that are overdrawn

  • Performs skip tracing

  • Recommends accounts for repossession and foreclosure.  Follows up with manager to ensure prompt recovery of collateral. 

  • 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, potentially 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 late and potentially late 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 and participates in meetings as required

  • Keeps management informed of activities, progress toward established objectives, and of any significant problems

  • Stays informed of changes in collections policies, procedures, and related legal requirements

  • Delinquent and problem accounts are closely monitored and reviewed

  • Appropriate collections actions are instituted which are in accordance with established Credit Union policies and are legally compliant

  • Delinquent accounts are promptly collected.  A delinquency ratio which meets management standards is maintained.

  • Professional business relations exist with members.  Members are properly assisted with their financial problems and their questions are courteously answered.

     

    QUALIFICATIONS

     

    Education/Certification:   

  • Completed high school diploma, GED or equivalent combination of formal training and experience

 

Required Knowledge:           

    • Knowledge of collection procedures and related laws and regulations

    • Familiar with default and enforcement clauses

    • Familiar with deposit programs, account ownership, and casualty insurance

    • Understanding of Credit Union loan products and policies

    • Familiar with deposit programs, account ownership, and casualty insurance

    • Basic understanding of the U.S. Bankruptcy Code

 

Experience Required:            

  • 6 months to one year previous collection experience with full-service financial institution required

 

Skills/Abilities:

  • Accuracy and thoroughness in work.

          • Excellent communication, telephone, and public relations skills

          • Ability to work well independently and in stressful situations

          • Ability to operate related computer applications and other business equipment including calculator, typewriter, copy machine, printer, credit bureau terminal, telephone, fax

                                                                                           

WORKING CONDITIONS

  • Standard office conditions

  • Low to moderate noise

  • Limited lifting up to 10 lbs.

 

This description has been reviewed to ensure that only essential functions and basic duties have been included.  Peripheral tasks, only incidentally related to each position, have been excluded.  Essential functions, requirements, skills, and abilities included have been determined to be the minimal standards required to successfully perform the positions.  In no instance, however, should the duties, responsibilities, and requirements delineated be interpreted as all-inclusive.  Additional functions and requirements may be assigned by supervisors as deemed appropriate. 

 

In accordance with the Americans with Disabilities Act, it is possible that requirements may be modified to reasonably accommodate disabled individuals.  However, no accommodations will be made which may pose serious health or safety risks to the employee or others or which impose undue hardships on the organization.


The Credit Union believes that each employee makes a significant contribution to our success.  That contribution should not be limited by the assigned responsibilities.  Therefore, this job description is designed to outline primary duties, qualifications, and job scope, but not limit the incumbent.  It is our expectation that each employee will offer his/her services wherever and whenever necessary to ensure the success of our endeavors.

Job descriptions are not intended as and do not create employment contracts.  The organization maintains its status as an at-will employer.  Employees can be terminated for any reason not prohibited by law.

 

Experience and Skills

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