Charge Offs GBS

Credit unions are all too familiar with charge offs—loans that have been delinquent for a period of time to where they are now considered uncollectible. Once these loans are past the point of collection, they are charged off and placed on your credit union’s “back burner,” so staff can move on to completing other important tasks.

Thankfully, charge offs are kept in full view by Sharetec and their smart electronic tracking system. Sharetec ensures that all of your credit union’s charge off account information is carefully and accurately maintained for you—including your member’s loan number, balance, doubtful percent, doubtful amount, officer, loan type and reason for the charge off, as well as any important notes.

If your member does make a recovery payment, your staff can simply apply the payment to the loan via the transaction screen, similar to how you process any other loan payment. Sharetec also prepares you in the event that a member chooses to make amends and make payments with interest. Sharetec will auto-accumulate the interest on the loan record, so that you can provide your member with an accurate payoff quote. How’s that for keeping a watchful eye on things?