Collections Specialist Salary (United States)

A typical Collections Specialist in the United States can expect to take home roughly $15.29 per hour. The range in pay spans from $11.41 per hour to $20.27. In the world of Collections Specialists, overall cash earnings stretch from $28,676 near the bottom to $53,595 near the top; these packages encompass bonuses that run near $7,691 and profit sharing that can exceed $7,708, along with commissions approaching $26K. Geographic location and years of experience each impact pay for this group, with the former having the largest influence. Medical and dental benefits are awarded to most, and more than half earn vision coverage. Female Collections Specialists make up most of the field at 78 percent. For the most part, Collections Specialists enjoy their work and report high levels of job satisfaction. This synopsis is derived from the responses of individuals who took 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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While rarely seen, Collections Specialists who transition into an upper level Collections Manager position may earn an additional $13,035 per year. With an annual $9,042 increase in salary, a Collections Supervisor is the most common role for Collections Specialists to subsequently assume on their way up the ladder. Transitioning into a Bill Collector role—which actually slashes pay by $4,622—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 generally report applying a varied skill set to their work. Accounts Receivable and Customer Relations are considered valuable skills and can increase employee pay by 6 percent and 3 percent respectively. Skills that pay less than market rate include Medicaid & Medicare Billing. Most people experienced in 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.
Collections Specialists with less experience do not necessarily bring home smaller paychecks. In fact, experience in this field tends to have little impact on salary. New salaries start at $33K and reach $36K in five to 10 years. After spending one to two decades on the job, pay usually hovers around $39K. Salaries tend to grow less rapidly after achieving 20 years of experience, with more senior Collections Specialists earning an average of $42K per year. Experienced employees who have 10-20 years of experience make up about a third of the workforce; inexperienced individuals who have been working for less than one year comprise less than five, 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. The smallest paychecks in the market, 10 percent south of the national average, can be found in Indianapolis. Two other places where employers offer below-median salaries are Phoenix (-7 percent) and Milwaukee (-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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