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Key Take Aways
Labour market easing: The July 2024 jobs report shows job creation falling below expectations, with rising unemployment.
Credit union delinquency: Delinquency rates for credit unions have risen significantly, particularly 90+ days past due.
Delinquency trends stabilising: Growth in delinquency for certain products, such as bank cards and personal loans, appears to be slowing.
Impact of economic conditions: Loans originated in 2023 are performing worse than those from previous years, suggesting a link to broader economic challenges.
Risk segmentation tools: Experian offers advanced tools to segment collections risk based on variables such as balance, delinquencies, and product type.
Customisable strategies: Debt collection strategies can be customised for credit unions based on risk assessments, improving resource allocation.
Collection optimisation: Strategies to increase efficiency in collections through prioritisation of high-risk accounts and tailored contact ...
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