Collections Representative

Position Summary

Notifies and locates members with delinquent accounts and attempts to secure payment by performing the following duties. Receives members in person, by telephone and electronic avenues; provides general credit union information; follows up on past due and delinquent accounts by telephone or electronic avenue, personal contact, and correspondence; provides clerical assistance to the collection’s manager, researches the activity of loan accounts to determine their status.

Essential Duties and Responsibilities

Duties include, but are not limited to:

• Monitor payments for late and/or delinquency status. Follow up on delinquent, high-balance, and overdue credit balance accounts by phone and/or letter. Ensure professional interface with members.
• Contact delinquent members by telephone and mail to identify the reasons for balance or delinquency, and assist them in developing plans to bring accounts to a current status. Develop workout plans and collect on overdue accounts wherever possible.
• Notify co-signers regarding status of delinquent accounts.
• Ensure that all collection activities comply with applicable laws and regulations, including CU Policy and procedures.
• Maintain collection files according to department procedures.
• Input data into the credit union’s collection system, and generate reports as requested.
• Secure credit bureau reports. Skip trace on loan accounts. Maintain accurate data for repossession log, bankruptcy files, charge-off list, etc.
• Research payroll deductions, stops, starts, and changes as they may affect the status of a loan repayment.
• Assist members with delinquent loans and accounts to resolve delinquency.
• Determine when to compromise and settle balances and when to initiate foreclosure
• Determine when to compromise and settle balances and when to initiate foreclosure or repossession proceedings.
• Determine when loan collateral should be repossessed or foreclosed, and serve as liaison with attorneys or agencies in handling repossession of collateral.
• File all claims, attend hearings, and coordinate with trustees for all bankruptcy filings.
• Investigate and correct discrepancies in loan applications and credit bureau reports.
• Analyze collection reports and metrics to identify trends and areas for improvement.
• Other duties as assigned

This job description is not designed to cover or contain a comprehensive listing of activities, duties, or responsibilities that are required of the employee. Duties, responsibilities, and activities may change, or new ones may be assigned at any time.

Required Education and Qualifications

• Ability to provide courteous, knowledgeable, and professional member service both in person and on the phone
• Detailed orientated
• Self-starter, ability to work independently
• Ability to work in a fast-paced environment and under pressure as needed
• Knowledge of general banking policies/procedures
• Strong/advanced skills in operating a computer including Microsoft programs and navigating the internet
• Critical thinking skills
• A High School diploma or GED equivalent required. Previous collection experience preferred. 
• Bilingual Collection Representative positions available (The Bilingual Collections Representative position requires being fluent in both written and oral communication in English and Spanish)

Schedule: Hours range Monday through Friday from 7:30 am - 6:15 pm Including 2-3 Saturdays per month from 8:45 am-12:15 pm.

Service First Federal Credit Union: Service First FCU has been open since 1934 providing banking services to more than 20,000 members with 3 locations in Sioux Falls, SD. Membership: Service First is a community-based financial institution. People living, working, or worshiping in our field of membership can become a member and access banking services. Membership is also open to the immediate family of current members.

Our Mission: To Empower our members through financial services and education while promoting the people helping people philosophy and ensuring the future growth of the credit union.

Our Vision: Be the most preferred and trusted financial institution serving our members, their families, and future generations.