Credit and Collections:

• Discuss the history and development of consumer credit in the United States
• Identify four characteristics of successful collections professionals
• Define installment and noninstallment credit, open-end and closed-end credit, and secured and unsecured loans
• Explain the most common methods used by credit unions to control delinquencies
• Outline four major regulatory provisions that impact the credit and collection professional

Credit and Collections Policies:

• Outline the importance of clear credit policies, and the three steps necessary to ensure appropriate account set up
• Identify three steps used in following up on delinquent accounts
• Explain the board and coworkers responsibilities for creating and maintaining credit union collections policies and philosophy
• Describe three qualifications of an effective collector and their ongoing accounts receivable responsibilities

Developing a Collections System:

• Describe and explain collections systems and identify delinquent accounts
• Define the five collections classifications
• Develop a culture of paying by conveying and enforcing loan terms clearly to members
• Exercise a consistent system of note taking and recordkeeping
• List the five steps involved in establishing good loan policies, delinquency recognition, and follow up collections procedures

Early Warnings and Final Actions:

• Recognize the early warning signs of delinquency and member trouble
• Understand Maslow's hierarchy of human needs and how they relate to the collection function
• Describe collections procedures credit unions typically use to reach members and bring loan accounts current
• Highlight the eight steps of the collections call and strategize the inherent challenges and advantages
• Discuss the alternatives available to credit unions instead of legal collections measures
• Create an information base to use in skip tracing members who relocate to avoid confronting their responsibilities

Legal Action and Outsourcing Alternatives:

• Identify when attorneys should be retained and how they may be compensated for their legal services in collections activities
• Describe and explain various legal actions, including replevin, money judgments, deficiency judgments, and garnishment
• Review the steps required when choosing an agency, and the advantages of outsourcing to a third-party firm
• Determine if the sale of charged-off loans may be beneficial to your credit union
• Explain the purposes of federal bankruptcy laws, the differences between Chapter 7 and Chapter 13 bankruptcy cases, and the changes offered in the 2005 amendments

Best Practices:

• Explain the differences between poor collection practices and productive ones
• Outline four strategic methods to leverage maximum recovery in the collection process
• List six best-in-class practices to optimize operations
• Describe the importance of measuring net delinquency
• Review the pros and cons of four online tools available to today's collection professional