By Lisa Hochgraf
Logic has it that if you make a mess, you clean it up. Brett Christensen applies this logic in the first of several successful collections staffing strategies he recommended to attendees of CUES Advanced School of Consumer Lending in Boston.
“Have collections report up to the senior lender, not to the CFO or another senior manager,” advised Christensen, owner of CU Lending Advice. With this organizational structure, “you get better communications between collections and lending, too.”
In contrast, Christensen recommended having separate people do the day-to-day work of underwriting and collections. “I want somebody focused on the job,” he said. “It’s really hard to have the proper positive attitude for lending if you’re doing collection and seeing the problem spots.”
Finally, Christensen recommended having experienced collectors handle an account through its entire collections process.continue reading »