Collections Specialist I/II

Job Description:

PRIMARY FUNCTION:

This is the entry level position for the Collections Specialist series. Incumbents of this position are not fully competent in all aspects of assignments or responsibilities. The Collections Specialist I's primary function is to collect on delinquent loan and credit card accounts and negotiate solutions that are mutually beneficial to the member and credit union.

This position has a hybrid work schedule. One consecutive week per month in-office is required.

JOB DUTIES AND RESPONSIBILITIES:

• Contact delinquent members to determine intent to pay and bring resolution to unpaid accounts within the limits set by the Fair Debt Collection Practices Act, Bankruptcy Reform Act, and other federal regulations.
• Manage a portfolio of accounts by sorting them based on due date or next contact date and setting follow up dates to ensure accounts are contacted within deadlines.
• Identify sources of money to assist members with payment options based on member's individual circumstance with the goal of negotiating immediate payments and/or promises to pay with specified payment dates and amounts.
• Appear as a witness in court on behalf of the Credit Union.
• Utilize sales process to effectively influence action on accounts based on information gathering
• Demonstrate effective skip tracing techniques by utilizing credit bureau, origination systems, Internet, WebXtender, Miser, FDI, and other skip tracing sites to locate information.
• Recommend accounts for revocation, repossession, charge off, legal action, garnishment or assignment to attorney after assessing the risk exposure.
• Systematically reviews delinquent accounts and follows up for maximum repayment.
• Inform, Educate, and Guide members, regardless of the individual circumstances.
• Maintain good member relations while collecting on delinquent balances.
• Interact with members by responding to text messages received through Eltropy.
• Interact with members who have outstanding court dates to negotiate a resolution.
• Remove/set flags on accounts to restrict access as appropriate.
• Strive to minimize delinquency and loan losses and achieve goals set for the Credit Union.
• Promote the credit union by cross-selling services focusing on member needs.
• Recommend accounts for workouts when appropriate.
• Recommend accounts for satisfaction of judgment.
• Recommend accounts for garnishment release.
• Interact with members in accordance with state and credit union guidelines while working in a fast-paced environment.
• Accurately and professionally document collection systems with details of current contacts and subsequent results for follow up.
• Research contact information to locate members when necessary.
• Explain options to resolve delinquency over the phone.
• Assist members experiencing financial difficulty by making referrals to BALANCE or other Consumer Credit Counseling Service.
• Maintain current knowledge of Federal regulations and Credit Union policies and procedures related to collections and consumer lending.
• Perform various other duties such as transferring money to make payments on delinquent accounts and assisting member with automatic payments problems.
• Answer internal and external calls from employees/members and provide excellent quality service as indicated in the Member Experience guidelines.
• Gives feedback to the Supervisors about department and team goals.
• Other duties may be required and assigned by the supervisor.

EXPECTATIONS:

• Meet goals defined in individual performance evaluation.
• Contribute towards individual, team, and department goals.
• Comply with all published enterprise level policies and procedures including, but not limited to, Risk Management policies.
• Complete all required, ongoing enterprise level training including, but not limited to BSA, OFAC, and Information Security.
• Report all Risk Management Policy violations in accordance with policy.
• Maintain current knowledge of Federal regulations and Credit Union policies and procedures related to collections and consumer lending.
• Actively contribute ideas and suggestions to improve efficiency and service to members.
• Maintain confidentiality of all member and credit union account information.
• Attend training sessions as directed by Manager or Supervisor to keep skills current.

JOB QUALIFICATIONS:

Knowledge: Credit union or banking industry knowledge preferred.

Skills: Good keyboarding skills with the ability to maneuver in a Windows based environment. Must have the ability to effectively communicate with members verbally. Must be self-motivated. Works well in team settings. Ability to listen carefully, probe for additional details, and ask targeted questions to gather information. This person must be able to handle stressful or difficult situations in a calm manner and be able to handle multiple priorities in a timely manner without direct supervision.

Minimum Education and Experience: High school diploma or equivalent required. College or business related courses preferred. Prior experience in a busy public contact position at a credit union or financial institution required. Must have experience in handling member requests and inquiries.

PREREQUISITES FOR JOB:

Must be able to work any required overtime and/or Saturdays as needed.

PHYSICAL REQUIREMENTS: Must be able to sit for long periods of time. This job requires infrequent lifting or carrying of objects up to 10 pounds.

*This position is Richmond based. Candidate will need to have the flexibility to travel occasionally as needed between Richmond and Roanoke. All training and on-site job requirements will take place at the VACU Richmond Office*