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Illinois CUs collection agencies having busy year
NAPERVILLE, Ill. (11/20/08)--Business at Illinois collection agencies is up, and so is attendance at the Illinois Credit Union League (ICUL) Service Corp. (LSC) collectors roundtable events.
Attendance at this year’s Illinois Credit Union League Service Corp. collection roundtables such as this one has spiked as business at Illinois collection agencies has increased. (Photo provided by the Illinois Credit Union League)
Creditors Resource Service, an agency that works for 200 Illinois credit unions, reported a 15% increase in business compared with last year. The firm is “very busy,” Sheila O’Leary, head of collections, told Crain’s Chicago Business (Nov. 17). Tough economic times positively impact collection agencies because institutions are seeking “every uncollected penny” to benefit their returns, Karolyn Rubin, vice president, Bonded Collection Corp., told the newspaper. The ICUL Service Corp. has provided help to collection agencies for nine years. This year, LSC has seen more than 60 attendees at upstate and downstate roundtable events. The number of topics addressed at the meetings also has increased. “It’s the sign of the times,” said O’Leary. “With issues from short sales, to identity theft, to foreclosure, to red flag--you name it, they’re being discussed.” The LSC also maintains an active listserv for collectors to network and seek advice on issues. About 150 individuals representing 100 credit unions are on the listserv. “It’s been great to share information, learn that we all are facing some of the same challenges and put our heads together to see how credit unions can handle [challenges],” said Claudia Stiltner, collections manager, Meadows CU, Arlington Heights, Ill.
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