COLL01: INTRODUCTION TO COLLECTIONS
Introduction to Collections is designed
to introduce staff new to collections activity to the fundamentals of collecting
delinquent debt. Staff will learn the importance of the collection department
in maintaining a successful loan portfolio, standards for collector conduct,
organization of the collection function, and some of the main reasons for member
delinquency on loans. Some collecting techniques used in early stages of delinquency
are discussed.
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The Collections Cycle introduces staff to all stages of the
collection cycle, from the early stage of delinquency, then through personal
contact, workout situations, serious delinquency, bankruptcy, to write-off and
recovery. Staff learn about the remedies available to collectors at each stage,
and the importance of resolving delinquency in the early stages before it becomes
a more serious problem.
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Collection Procedures takes staff
through collection actions in detail, proceeding through actions of increasing
severity in depending on the severity of the delinquency. This program includes
guidance for effective collection calls, use of collection letters, revocation
of 'plastic card' access, exercising right of set-off, repossession, proceeding
with legal action, and use of third party collection agencies.
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COLL04: OVERVIEW OF COLLECTION LAWS AND REGULATIONS
Overview of Collection Laws and Regulations
provides staff with an overview of the provincial and federal laws governing
credit reporting activities and debt collection practices. This includes the
role of the credit union in helping to maintain accurate credit information
on file at credit bureaus, resolving member disputes related to credit information,
and complying with restrictions on the collection, disclosure, and use of credit
information. Provincial legislation governing debt collection practices is introduced.
Staff learn about prohibited practices, the importance of complying with privacy
legislation, and restrictions on communicating with the debtor, the debtor's
employer, and other persons.
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