Collections Specialist Salary

Median pay for Collections Specialists in the United States is around $15.61 per hour. Total cash compensation to Collections Specialists approaches anywhere from $26K on the lower end to $51K on the higher end; in exceptional cases, this can include more than $10K from bonuses and upwards of $8K from profit sharing. Residence is the biggest factor affecting pay for this group, followed by career length. A strong majority report receiving medical coverage from their employers and the greater part collect dental insurance. Most workers in this position report high levels of job satisfaction. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.
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$29,135 - $53,955
(Median)
$29K
$40K
$54K
MEDIAN: $39,918
10%
50%
90%

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$11.78 - $20.74
(Median)
$12
$16
$21
MEDIAN: $15.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$18K$36K$54K
Salary
$29,135 - $53,955  
   
Bonus
$0.00 - $9,748  
Profit Sharing
$201.34 - $7,783  
Commission
$8,844  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$26,327 - $50,958  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 691
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$11$22$33
Hourly Rate
$11.78 - $20.74  
   
Hourly Tips
$6.67  
Overtime
$15.50 - $31.00  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$22K$44K$66K
Bonus
$0.00 - $9,748  
   
Commission
$8,844  
Profit Sharing
$201.34 - $7,783  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$26,327 - $50,958  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 1,271
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Job Description for Collections Specialist

Typically, a collections specialist is an individual that specializes in the collection of debt owed to their organization. They use a variety of means to contact individuals who have defaulted on debts and/or who have not paid past-due bills. Collections specialists usually work in a call center with other collections specialists, although they may telecommute from a remote location such as a home office.

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Collections Specialist Tasks

  • Monitor and maintain assigned accounts through follow up and possibly implement alternative payment options.
  • Make collection and billing calls to reduce the lost assets of a company and delinquent payments.

Common Career Paths for Collections Specialist


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Collections Specialists do not often transition into Collections Manager roles. The role averages $49K per year. Typical career progression for a Collections Specialist involves becoming a Collections Manager or a Collections Supervisor, roles that pay $13K more and $9K more on average.

Collections Specialist Job Listings

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Popular Skills for Collections Specialist


Collections Specialists seem to require a number of specific skills. Most notably, skills in Accounts Receivable, Customer Relations, Negotiation, and Microsoft Excel are correlated to pay that is above average, with boosts in pay of 4 percent. At the other end of the pay range are skills like Medicaid & Medicare Billing and Data Entry. Most people who know Collections also know Accounts Receivable.

Pay by Experience Level for Collections Specialist

Median of all compensation (including tips, bonus, and overtime) by years of experience.


Experience does not seem to be a strong driver of pay increase in this role. Workers in their first five years can expect to earn $33K, but people who have been around for five to 10 years earn a noticeably bigger sum of $37K. On average, Collections Specialists make $39K following one to two decades on the job. Collections Specialists who have acquired more than two decades of experience generally do see greater compensation; their average income is approximately $42K.

Pay Difference by Location

National Average: $36,352

Larger city markers indicate a job is popular in that location.

For Collections Specialists, busy San Francisco offers a higher-than-average pay rate, 41 percent above the national average. Collections Specialists can also look forward to large paychecks in cities like New York (+18 percent), Chicago (+16 percent), Dallas (+10 percent), and San Diego (+7 percent). Location is a huge contributor to overall pay, with Collections Specialists in San Antonio earning a whopping 22 percent below the national average. Employers pay around 18 percent less in Nashville and 10 percent less in Indianapolis, below-median salaries for those in this field.

Collections Specialist Reviews

What is it like working as a Collections Specialist?

Collections Specialist in Round Rock:
"Stressful."
Pros: I enjoy doing what I do. I work with great people. I work for great people. I have fun at my job.
Cons: I don't get paid enough for all the work I do and everything I have taken on in a new role/ new position.

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Experience Affects Collections Specialist Salaries




National Average
$36,000


Skills That Affect Collections Specialist Salaries

Accounts Receivable
up arrow 4%

Customer Relations
up arrow 4%

Negotiation
up arrow 3%

Collections
up arrow 1%

Microsoft Excel
up arrow 1%

Microsoft Office
0%

National Average
$36,000

Customer Service
up arrow 2%

Billing
up arrow 2%


Data Entry
up arrow 6%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 337 votes.

Gender

Female
79 %
Male
21 %

Years of Experience

Less than 1 year
3%
1-4 years
30%
5-9 years
24%
10-19 years
30%
20 years or more
13%

Common Health Benefits

medical benefits
Medical: 77%
dental benefits
Dental: 68%
medical benefits
Vision: 59%
dental benefits
None: 18%
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