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
- Coordinate loan closing with branch personnel, lenders and customers.
- Manage, coach and train a team of collection associates to optimize collections.
- Ability to work with others as a team to ensure quality patient care.
- Participate in workgroups, staff meetings, and work events.
- Complete orders of title commitments and review title reports.
- Monitor account activity to verify member's compliance with agreed upon arrangements.
- Maintain records on credit risks, delinquent accounts and incomplete files.
- Establish and manage all processing forms and documents within the legal and corporate guidelines.
- Assist with documenting all processes and procedures related to collection efforts.
- Develop and maintain retrieval systems to enhance access to and use of the collections, and associated information.
- Apply acquired job skills and company policies and procedures to complete standard tasks.
- Handle finance related inquiries from internal and external contacts.
- Participate in all aspects of research and evaluation activities.
- Make appropriate recommendation on whether or not to foreclose based on the analysis.
- Assist in the data audit process by identifying issues, develop audit criteria, and analyzing data.
- Monitor performance of staff members according to established standards.
- Maintain positive public relations to promote a professional image.
- Analyze information and research a variety of sources to identify and resolve problems or issues.
- Maintain and distribute information regarding product registration approvals, discontinuation, and cancellations.
- Bachelor's or Graduate's Degree in accounting, business, business administration or computer science, or equivalent experience.
- Experience with disseminating EOB information to patients and clients.
- Fluency in HIPAA protocols and policies.
- Extreme attention to detail and negotiation skills.
- A critical thinker and problem solver.
- Fluency in writing protocols.
- A leader and professional at all times.
- Demonstrated sound work ethic and multitasking capabilities.
- Skilled at time management.
How much does a Collector make?
Collector Career Path
Learn how to become a Collector, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Years of Experience Distribution
“Pay seems good until you start the job and see just what they expect from you.”
“Career development is highly encouraged meaning it is not uncommon for people to move around roles every 2”
“Or if someone is attempting to go in a finance career great way to start.”
“Some of the best opportunities working with some of the most elite individuals in the field.”
“They have a great management team working with agent to provide a the best services to our customers.”
“I have a great team of people to work with to help me learn about the shipping industry.”
“I have met some amazing people who stop by our store while the travel across the world.”
“Good opportunities for collections employees or those with good phone skills who want to start a new career.”
Frequently asked questions about the roles and responsibilities of a Collector
- Patient Account Representative
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