Collections Specialist Salary

Collections Specialists in the United States pull down an average of $15.44 per hour. Total cash compensation to Collections Specialists ranges from $26K on the lower end to $50K on the higher end; the final number includes potential for approximately $8K each from bonuses and profit sharing in exceptional cases. Residence is the biggest factor affecting pay for this group, followed by career duration. Most Collections Specialists report high levels of job satisfaction. A strong majority enjoy medical while more than half get dental coverage. Vision coverage is also available to the larger part. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.
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$28,973 - $53,257
(Median)
$29K
$40K
$53K
MEDIAN: $39,605
10%
50%
90%

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$11.64 - $20.52
(Median)
$12
$15
$21
MEDIAN: $15.00
10%
50%
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
$28,973 - $53,257  
   
Bonus
$0.00 - $8,159  
Profit Sharing
$193.92 - $7,891  
Commission
$1,800 - $12,000  
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).
)
$25,824 - $50,490  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 587
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
$11.64 - $20.52  
   
Overtime
$14.90 - $30.95  
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 - $8,159  
   
Commission
$1,800 - $12,000  
Profit Sharing
$193.92 - $7,891  
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).
)
$25,824 - $50,490  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 1,078
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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 transition into Collections Managers are few and far between. The job pays an average $49K per year. 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 wide range of professional skills. Most notably, skills in Negotiation, Accounts Receivable, Customer Relations, and Collections are correlated to pay that is above average, with boosts between 5 percent and 12 percent. Skills that pay less than market rate include 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, experience does not seem to be a major factor in determining pay. Salaries for the relatively untried average out to around $32K, but survey participants with five to 10 years of experience earn a significantly higher median of $36K. Collections Specialists who work for 10 to 20 years in their occupation tend to earn about $39K. Collections Specialists who surpass 20 years on the job report pay that isn't as high as one would expect; the median compensation for this crowd sits around $41K.

Pay Difference by Location


For Collections Specialists, working in the bustling city of San Francisco has its advantages, including an above-average pay rate. Collections Specialists can also look forward to large paychecks in cities like New York (+17 percent), Chicago (+14 percent), Dallas (+11 percent), and San Diego (+8 percent). In San Antonio, salaries are 18 percent below the national average and represent the lowest-paying market. Workers in Nashville and Indianapolis earn salaries that trail the national average for those in this profession (16 percent less and 11 percent less, respectively).

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Experience Affects Collections Specialist Salaries




National Average
$36,000


Skills That Affect Collections Specialist Salaries




Collections
up arrow 1%

Microsoft Excel
up arrow 1%

Microsoft Office
0%

National Average
$36,000

Customer Service
up arrow 1%

Billing
up arrow 1%


Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 308 votes.

Gender

Female
80 %
Male
20 %

Years of Experience

Less than 1 year
3%
1-4 years
28%
5-9 years
26%
10-19 years
30%
20 years or more
13%

Common Health Benefits

medical benefits Medical: 78% dental benefits Dental: 68%
vision benefits Vision: 57% employee benefits None: 18%
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