6 tips for transitioning your collections to a new partner
For individuals who have built a career putting members first, placing debt collection in the hands of an outside service can be nerve-wracking. Credit unions are filled to the rafters with people who help people – especially those struggling with their financial obligations. They pride themselves on digging in, doing the work and finding a creative solution to what could otherwise be devastating problems.
Given today’s complex regulatory environment, however, doing that kind of work is getting tougher. Financial institutions need defined expertise, practiced professionals and policies and procedures that are spot-on from a compliance perspective. This often requires partnering with an outside resource, and many times those providers just don’t “get it” when it comes to people over profits.
To ensure you select the right partner – one with both collections and people smarts – insist on the following tips for a seamless transition and successful long-term partnership.
- Strive for as few surprises as possible. Keep members informed of your intention to bring on a partner and share as many details – as clearly and concisely – as you can.
- Assign a customer service liaison to provide specialized service during and after the transition of duties from your financial institution to the new partner.