About the position
The Recovery Specialist at Logix Federal Credit Union plays a crucial role in recovering charged-off consumer loan losses. This position involves locating and contacting members whose accounts have been charged-off and are considered uncollectable, with the aim of arranging repayment plans. The Recovery Specialist is responsible for establishing and following up on repayment schedules based on the financial situations of the members. Additionally, the role requires conducting initial reviews of charged-off loans to determine the potential for further action, such as assignment to outside counsel, repossession, or collection agency involvement. In this position, the Recovery Specialist will work closely with their team to directly impact the recovery of charged-off dollars and mitigate losses. They will utilize credit reports and skip tracing tools to locate customers and update account information as necessary. The role also involves assessing charged-off consumer loan losses in collaboration with the Senior Recovery Specialist to evaluate accounts for potential assignment to external recovery resources. Furthermore, the Recovery Specialist will coordinate reporting to credit bureaus and other relevant parties regarding account updates and settlement arrangements. Effective communication and negotiation skills are essential, as the Recovery Specialist will be responsible for negotiating payment agreements while adhering to federal and state regulations. The position also includes assisting in the development and maintenance of operational procedures to enhance efficiency and service quality. The Recovery Specialist will handle general collection inquiries from members and staff, prepare necessary documentation for collections, and review requests for credit information and corrections on member credit files. Overall, this role is vital in ensuring the financial health of the credit union by managing and recovering charged-off loans efficiently.
Responsibilities
- Contact members of charged-off loans to recover charged-off dollars and mitigate losses.
- Establish repayment schedules based on member financial situations.
- Utilize credit reports and skip tracing tools to locate customers and update account information.
- Assess charged-off consumer loan losses for potential assignment to outside counsel, repossession, or collection agency.
- Coordinate reporting to credit bureaus and appropriate parties on account updates and settlement arrangements.
- Communicate and negotiate payment agreements within established guidelines, adhering to federal and state regulations.
- Assist in developing and maintaining effective operational procedures to maximize efficiency and quality of work.
- Coordinate, monitor, and maintain effective collection procedures.
- Answer general collection questions from members and staff regarding loan payments and past due notices.
- Prepare forms, letters, reports, and correspondence for collections purposes.
- Review requests for credit information and corrections on member credit files.
- Review accounts assigned to collectors for actions beyond routine collection procedures.
Requirements
- Preferred education level: Associate Degree (2 Year)
- Minimum 3 years of collections experience, preferred 5 years
- Basic knowledge of the legal aspects of collection, bankruptcy, and repossession
- Knowledge of the Fair Debt Collection Practices Act
- Familiarity with online collection systems software and Microsoft Office Suite
Nice-to-haves
- Experience in customer service or financial services
- Strong negotiation skills
- Ability to work in a team environment
- Familiarity with credit reporting systems
