Managing the collections and recoveries at a credit union during these uncertain times can be a challenging position. With limited internal staff, you do what you can to send letters and make calls, but with staffing shortages, your time and resources are often spread thin.

At ConServe, we understand first-hand the situation and challenges that many credit unions face each day. Our Founder, Mark Davitt was in your same position. As a former manager of collections at a large institution, Mark understood the daily challenges and pressures faced by financial institutions and their recovery efforts.

We’ve learned a lot in our over 36 years in collections and we want to help you realize your return on investment with these three (3) tips:

1. Invest in a true collections partner

A collection agency is staffed with experienced professionals whose sole job is to get your debts paid. We know though that finding the time to bring on a new collection agency is the true definition of “investment”. Ultimately, this investment is worth the reward. Even better, it is a no risk reward. When you partner with an agency like ConServe, we will work with you to maximize your collections with no upfront risk. We only charge on the dollars we collect, regardless of how much expense we incur in making attempts to collect. That means, if we don’t collect, you pay nothing.

You also want to make sure you’re partnering with an agency that will become an extension of your brand. Contacting your members on behalf of your credit union is no small task, and you want to make sure your agency is doing so ethically and compliantly, while treating your members with dignity and respect. Your future memberships depend on it.

2. Place your accounts sooner

When you send accounts to your collection agency sooner, statistics show that skip tracing efforts will be more successful. Locating the consumer sooner leads to more collections, faster. On average, credit unions see 25% more recoveries when accounts are placed within the first six months of delinquency.

3. Build some healthy competition

We know what happens when the best go head-to-head: everyone wins. After reviewing monthly performance, consolidate your accounts with just your top agencies and let them prove to you who is number one. You’ll be the one who benefits. Typically, there is a 50% better return on investment when placing accounts with the top three agencies.

Three simple, yet powerful changes guaranteed to increase the percentage you recover for every dollar you spend.

Rather than collect debts internally, collection success rates will be higher when you work with a collection agency that is experienced – one who invests in the latest collection technology, is compliant, and keeps customer service as their top priority.

At ConServe, our recovery performance is high and our customer satisfaction levels are even higher. Learn more about how ConServe can help you optimize your returns.