Credit and Collections Director leads the overall credit function. Designs and implements processes to improve cash flow and reduce receivables. Being a Credit and Collections Director develops policies regarding the investigation of customers, extension of credit lines, and collections. Consults with current and future clients regarding their level of credit. Additionally, Credit and Collections Director oversees the negotiation and course of action taken for overdue accounts. Typically requires a bachelor's degree. Typically reports to top management. The Credit and Collections Director manages a departmental sub-function within a broader departmental function. Creates functional strategies and specific objectives for the sub-function and develops budgets/policies/procedures to support the functional infrastructure. Deep knowledge of the managed sub-function and solid knowledge of the overall departmental function. To be a Credit and Collections Director typically requires 5+ years of managerial experience. (Copyright 2024 Salary.com)
Description
Job Function: Maintain and follow-up with member issues, provide excellent service and support different functions related to Collection Department. To protect the assets of the Credit Union and the credit reputation of the member, when possible.
Responsibilities and Duties
§ Provide excellent Member service.
§ E-Oscar updates
§ Establish/maintain interdepartmental relationships to ensure proper account maintenance/resolution
§ Perform daily monitoring and collection of negative accounts and loans, from first date of delinquency through charge off while updating/maintaining all necessary monitoring systems, including Overdraft Privilege.
§ Generate letters daily as required for the department.
§ File Lawsuits and maintain follow updates and assignment.
§ Resolve any collateral or any other insurance issues.
§ Contact delinquent members by telephone or mail, to discuss their accounts
§ Update and log activity on accounts through delinquent loan recovery system
§ Track the Credit Union in any court actions instituted by the Credit Union attorneys on delinquent loans, as directed
§ Follow up on insurance, collateral and GAP and apply them accordingly.
§ File bankruptcy claims and follow -up with attorneys on legal action
§ Develop a clear understanding of Credit Union history, philosophy, organization, By-laws, and operational procedures
§ Track Deferment, restructure and Modifications and follow up on required documents
§ Report to collection manager any issues and/or concerns about member dissatisfaction. process insurance claims and payments as needed.
§ Process payments from bankruptcy trustees and from Collections vendor
§ Maintain accurate records of all required logs/reports
§ Properly protect member information and fully abide by all governing rules/regulations
§ All other duties as assigned by Manager.
Requirements
QUALIFICATIONS:
EDUCATION: High School Graduate
SKILLS:
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