In a December 17, 2020 article in cumanagement.com Karen Bankston writes that credit unions will need to focus on managing the risk in their loan portfolios and on delinquency control to the same or greater extent than the period after the Great Recession.
Credit unions will be working to control loan delinquency and minimize charge-offs as diligently as they had as a result of the Great Recession. The proper management tools will help in this endeavor.
TCT’s Credit Migration tool assures loan risk is managed appropriately by reporting those borrowers who are showing signs of possible loan default long before those borrowers show up on delinquency reports. In addition, TCT now offers a Delinquency Tracking tool which allows a highly effective way to manage individual delinquent accounts as well as a method to assess collection policies and practices.
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