A comprehensive exam for all 6 courses can be purchased for $24.50 through CUNA CPDOnline.
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