Money Donuts®
It’s Time For A Collections Reality Check
Sep 18, 2023
Meet Kevin, Anthony, and Mitch from Royal's collections team discussing helping borrowers with past-due payments, adjusting to changing circumstances, and building sustainable budgets. They emphasize personalized approaches to handling debts, navigating financial consolidation, and avoiding scams while adapting to regulatory changes. Learn about the significance of managing payments online and providing financial guidance.
40:49
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Quick takeaways
- Collections go beyond just payments to help borrowers with sustainable budgets.
- Proactive communication and tailored solutions are key to supporting members in financial challenges.
Deep dives
Introduction to the Collections Team
The podcast episode kicks off with an introduction to the collections team at Royal Credit Union, featuring Mitch, Kevin, and Anthony. Mitch, a new collection representative, shares his transition from quick trip to the finance industry. Kevin, the collection manager with 39 years of experience, highlights the team's responsibility for collecting past due accounts, including consumer loans and real estate loans. Anthony, a collection supervisor, stresses the importance of early outreach to mitigate potential issues and maintain member credit health.
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