Collections Representative Salary
The average Collections Representative in the United States earns approximately $15.15 per hour. Location and career length each impact pay for this group, with the former having the largest influence. Most Collections Representatives are fairly content with their jobs, and work satisfaction falls in line with the national average. A fair number report receiving medical coverage from their employers and a strong majority collect dental insurance. Women account for the majority of Collections Representatives who took the survey — 82 percent to be exact. The information for this snapshot was generated by responses to the PayScale salary survey.
Job Description for Collections Representative
A collection representative holds an entry-level position with a debt collection company, although some larger corporations may use collectors as part of an accounts receivable department. Collection representatives contact past-due debtors and attempt to secure payment for amounts owed. Collection representatives typically spend much of their time working by telephone; theyRead More...
typically work off of a provided call list and, upon making contact with a debtor, they usually follow a provided script to notify the person of a past-due amount and available payment options. The representative should expect to run into some hostility when making these calls. In some cases, certain debt agreements allow the collection representative to attempt contact with a debtor by regular or certified mail, and (in some jurisdictions) even email.
Typically, collection representatives are expected to complete a specific number of calls per day when working with a collection agency, and these call quotas may also be tied to the representative’s pay. Collection representatives may also have their pay adjusted by commissions received on debts collected.While most states only allow collection calls between 9 a.m. and 9 p.m., due to time zone differences, a debt collection agency may have the need for collection representatives from the early morning until nearly midnight. Additionally, workers in this position should expect to work in an office environment.
Collection representative positions are usually entry level, and a high school diploma or equivalent is typically the minimum educational requirements. Basic computer skills are generally required, as the collections representative often performs data entry regarding the outcome of calls made.
Collections Representative Tasks
- Locate and notify customers of delinquent accounts by mail or telephone.
- Arrange for debt repayment or establish repayment schedules, based on customers' financial situations.
- Record information about financial status of customers and status of collection efforts.
- Monitor overdue accounts, receive payments and post amounts paid to customer accounts.
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Popular Skills for Collections Representative
Collections Representatives generally report applying a varied skill set to their work. Most notably, skills in Accounts Receivable, bill collections, Negotiation, and Customer Service are correlated to pay that is above average. Most people who know Collections also know Accounts Receivable.
Pay by Experience Level for Collections Representative
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Collections Representatives with a lot of experience do not necessarily enjoy more money. Salaries for the relatively untried average out to around $31K, but survey participants with five to 10 years of experience earn a significantly higher median of $35K. For Collections Representatives, 10 to 20 years of experience on the job amounts to an average salary of $38K. Veterans who have surpassed the 20-year mark may make only slightly more than those who are navigating the mid-career stage; the more senior group reports median earnings of around $40K.
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