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.
Usually a collections specialist has some experience working in a lending or banking role. Many collections specialists have at least a bachelor's degree in finance, economics, or a related field, although it is not an industry-wide requirement for a collections specialist to hold a college degree. Often, a collections specialist also has a background working in sales or another field that requires an individual to be comfortable directly engaging with others in high-pressure scenarios.
A collections specialist must have exceptional communication skills, as well as listening abilities. Good attention to detail is another important skill for a collections specialist to possess, as is a proficient understanding of consumer credit reports. A collections specialist usually works under the guidance of a departmental manager who assigns them a caseload of debtors whom they are to attempt to contact in an effort to procure payment. A collections specialist often must be resourceful and creative to locate and successfully contact an individual for whom they do not have current contact information.
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.