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Collections Specialist Salary (United States)

A typical Collections Specialist in the United States can expect to rake in roughly $15.29 per hour. Final incomes of Collections Specialists generally vary between $25K and $51K; more lucrative packages include potential for bonuses, profit sharing, and commissions — occasionally as high as $8K each for the first two and $26K for the last. Residence is the biggest factor affecting pay for this group, followed by experience level. Most enjoy medical while a majority get dental coverage. Vision coverage is also available to slightly more than half. Most Collections Specialists are women (78 percent). Most Collections Specialists report high levels of job satisfaction. The figures in this overview are derived from responses to the PayScale 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%
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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  
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  
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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For Collections Specialists, transitioning into a Collections Manager role — where salaries are typically $49K per year — is a rare occurrence. With an annual salary of $45K, Collections Supervisor is the most common role for Collections Specialists to subsequently assume on their way up the ladder. Transitioning into a Bill & Account Collector role — which usually pays $31K — is also typical for Collections Specialists, though less common by comparison.

Collections Specialist Job Listings

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Popular Skills for Collections Specialist

Collections Specialists report using a diverse set of skills on the job. Most notably, skills in Accounts Receivable, Customer Relations, Collections, and Microsoft Excel are correlated to pay that is above average. Skills that pay less than market rate include Medicaid & Medicare Billing. Most people skilled in Collections are similarly competent in Accounts Receivable.

Pay by Experience Level for Collections Specialist

Median of all compensation (including tips, bonus, and overtime) by years of experience.
More years of relevant experience do not necessarily translate to higher paychecks. Survey participants with less than five years' experience pocket $32K on average, but those with five to 10 years of experience enjoy a much bigger median of $36K. Collections Specialists bring in $39K after working for 10 to 20 years. People who have worked for more than 20 years report a median income of $42K, which is barely higher than the median for folks with 10 to 20 years of experience. Most employees in this workforce have between one and nine years of experience; more than half of those surveyed fall within this distribution. Experienced employees who have 10-20 years of experience make up slightly less than a 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 roughly a tenth.

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.
New York is home to an above-average pay rate for Collections Specialists, 20 percent higher than the national average. Those in search of high salaries should also consider checking out cities like Raleigh, Minneapolis, Chicago, and Houston, top-paying markets where Collections Specialists rake in more than the national norm (+14 percent, +13 percent, +13 percent, and +11 percent). Falling short of the national average by 10 percent, the area with the worst salaries is Indianapolis. Employers in Phoenix and Milwaukee also lean toward paying below-median salaries (7 percent lower and 5 percent lower, respectively).

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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

Highly satisfied Image
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%