What does a Collector do?

Collectors recover overdue payments and past due accounts by tracking debtors down using the phone or mail. They work with them to make payments, negotiate repayment plans, and encourage them to find alternative solutions. Collectors locate clients using skip tracing methods and often interview them over the phone once they connect with them. During the interviews, they establish the ability to pay and encourage clients to utilize options including a credit card to process payment. Collectors negotiate settlements and arrange client payments over a longer period and confirm information and payment agreements with them.

Collectors must comply with applicable laws, regulations, policies, and procedures and inform management regarding a strategy’s effectiveness with various accounts. Collectors report client information to creditors and convey delinquent accounts’ status while reporting repayment plans and negotiations. Collectors also stay mindful of clients’ possible fears about being contacted for past due accounts and sometimes refer them to debt counselors for additional assistance. Collectors need a minimum high school diploma, GED, or equivalency and previous work experience in customer service, sales, collections, or related fields

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Average Years of Experience

0 - 1
19%
2 - 4
30%
5 - 7
2%
8+
49%

Common Skill Sets

Excellent Customer Service
Gathering
Written Communication
Microsoft Office Suite
Attention To Detail
Excellent Communication
Negotiation
English

Collector Seniority Levels

Patient Account Representative
6% made the transition
Sales Representative
28% made the transition
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Collector Salaries

Average Base Pay

$34,624 /yr
Same as national average
Not including cash compensation
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$26K
Median: $35K
$46K
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Glassdoor Estimated Salary

Collector Jobs