Collections Specialist Salary
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.Read More...
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.
Common Career Paths for Collections Specialist
Advancing into a Collections Manager role seems to be a popular career move for Collections Specialists, and folks who currently work in the latter position report a notably larger median income of $49K per year. The most common career progression for Collections Specialists leads to becoming a Collections Supervisor, where average pay is $45K annually. However, many Collections Specialists also opt to become Accounts Receivable Specialists. Typically, an Accounts Receivable Specialist brings home $35K.
Collections Specialist Job Listings
Search for more jobs:
Popular Employer Salaries for Collections Specialist
The biggest paychecks can be found at American Red Cross Blood Services — the median salary there is $44K.
Popular Skills for Collections Specialist
Collections Specialists report using a large range of skills on the job. Most notably, facility with Phlebotomy, Oral / Verbal Communication, and Accounts Receivable are correlated to pay that is significantly above average, leading to increases of 21 percent, 6 percent, and 5 percent, respectively. Skills that are correlated to lower pay, on the other hand, include Data Entry and Collections. Most people experienced in Accounts Receivable also know Collections.
Pay by Experience Level for Collections Specialist
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience does not seem to be a strong driver of pay increase in this role. Workers in their first five years can expect to earn $33K, but people who have been around for five to 10 years earn a noticeably bigger sum of $38K. Collections Specialists who work for 10 to 20 years in their occupation tend to earn about $39K. As Collections Specialists reach more than two decades on the job, compensation remains commensurate with experience; the average pay in this group is $43K.
Pay Difference by Location
For Collections Specialists, busy New York offers a higher-than-average pay rate, 23 percent above the national average. Collections Specialists will also find cushy salaries in Chicago (+14 percent), Dallas (+12 percent), Los Angeles (+4 percent), and Phoenix (+4 percent). Collections Specialists in San Antonio earn salaries far below the national average by 23 percent, proving that geography overwhelmingly affects the pay scale for those in this field. Employers pay around 6 percent less in Nashville and 4 percent less in St. Louis, below-median salaries for those in this field.
Collections Specialist Reviews
Related Job Salaries
Key Stats for Collections Specialist
Rated 4 out of 5
based on 283 votes.