Collections Specialist Salary (United States)

Pay for Collections Specialists in the United States lies in the neighborhood of $15.29 per hour. Compensation starts at $11.41 per hour and can reach $20.27. The final incomes of Collections Specialists vary between $25,431 and $50,572; higher pay grades include potential for bonuses, profit sharing, and commissions as high as $7,691, $7,708, and $26K, respectively. Location and career duration each impact pay for this group, with the former having the largest influence. Medical benefits are awarded to the greater part, and a majority earn dental coverage. Men are in the minority in the field, with female Collections Specialists making up 78 percent of workers. Most Collections Specialists report high levels of job satisfaction. This snapshot results from replies to PayScale's salary survey.
Collections Specialist Salary (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$28,676 - $53,595
(Median)
29K
34K
39K
46K
54K
MEDIAN: $39,169
10%
25%
50%
75%
90%
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Collections Specialist Salary (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$11.41 - $20.27
(Median)
11
15
18
20
MEDIAN: $15.00
10%
50%
75%
90%
Add this chart to your site: 640px    300px

National Salary Data

 (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$18K$36K$54K
Salary
$28,676 - $53,595  
   
Bonus
$0.00 - $7,691  
Profit Sharing
$82.92 - $7,708  
Commission
$1,825 - $25,644  
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).
)
$25,431 - $50,572  
PayScale
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 590
National Hourly Rate Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$11$22$33
Hourly Rate
$11.41 - $20.27  
   
Overtime
$12.31 - $30.34  
National Annualized Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$22K$44K$66K
Bonus
$0.00 - $7,691  
   
Commission
$1,825 - $25,644  
Profit Sharing
$82.92 - $7,708  
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).
)
$25,431 - $50,572  
PayScale
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 998
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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 who advance into the role of a Collections Manager—while rather unlikely—bring in an extra $13,035 per year. A Collections Supervisor role is the most prevalent career advancement for Collections Specialists, and paychecks swell by $9,042 per year. a Bill Collector position is another common transition for Collections Specialists; in this role, salaries typically decrease by $4,622.

Collections Specialist Job Listings

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Popular Skills for Collections Specialist

Collections Specialists report using a wide range of professional skills. Accounts Receivable and Customer Relations are considered valuable skills and can increase employee pay by 6 percent and 3 percent respectively. At the other end of the pay range are skills like Medicaid & Medicare Billing. 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.
For Collections Specialists, level of experience is overall a somewhat less important part of the salary calculation—more experience does not yield dramatically higher pay—and pay raises are largely incremental. Those in the early stages of their career can expect to make around $33K; however, pay rises to approximately $36K after five to 10 years. Earnings total $39K after one to two decades. A 20-year tenure heralds decreased salary growth, and Collections Specialists who have made it this far report earning around $42K per year. Experienced employees who have 10-20 years of experience make up around one third of the workforce; inexperienced individuals who have been working for less than one year comprise less than five percent, and senior people with more than 20 years under their belt fill out the remaining 11 percent. Workers in this area tend to have one to nine years of experience.

Pay Difference By Location

New York
up arrow 20%
Raleigh
up arrow 14%
up arrow 13%
Minneapolis
up arrow 13%
up arrow 11%
Los Angeles
up arrow 8%
San Diego
up arrow 7%
up arrow 5%
up arrow 3%
Austin
up arrow 2%
Jacksonville
up arrow 1%
National Average
$36,000
Cleveland
up arrow 4%
Milwaukee
up arrow 5%
Phoenix
up arrow 7%
Indianapolis
up arrow 10%
Larger circles over a city indicate a job is popular in that location.
Surpassing the national average by 20 percent, Collections Specialists in New York receive some of the highest pay in the country. Also paying near the top of the field are Raleigh, Minneapolis, Chicago, and Houston, where Collections Specialists annually earn 14 percent, 13 percent, 13 percent, and 11 percent more than the national average. Falling short of the national average by 10 percent, the area with the worst salaries is Indianapolis. Workers in Phoenix and Milwaukee earn salaries that trail the national average for those in this profession (-7 percent and -5 percent).

Related Job Salaries

Experience Affects Collections Specialist Salaries

National Average
$36,000

Skills That Affect Collections Specialist Salaries

Customer Relations
up arrow 3%
Collections
up arrow 2%
Microsoft Excel
up arrow 2%
Billing
up arrow 1%
Customer Service
0%
National Average
$36,000
Microsoft Office
up arrow 1%
Medicaid & Medicare Billing
up arrow 12%

Job Satisfaction

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Highly satisfied
Rated 4 out of 5 based on 319 votes.

Gender

Female
78%
female alumni
 
Male
22%
male alumni

Years of Experience

Less than 1 year
3%
1-4 years
29%
5-9 years
26%
10-19 years
30%
20 years or more
11%

Common Health Benefits

medical benefits Medical: 79% dental benefits Dental: 69%
vision benefits Vision: 55% employee benefits None: 17%
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