Collections Specialist Salary

Earnings for Collections Specialists in the United States come in at around $16.41 per hour on average. The most important factor affecting compensation for this group is geographic location, followed by the specific employer and experience level. Job satisfaction is reported as high by the vast majority of workers. A strong majority report receiving medical coverage from their employers and more than half collect dental insurance. The data for this snapshot was collected from individuals who took PayScale's salary survey.
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$30,151 - $56,428
$30K
$41K
$56K
MEDIAN: $41,129
10%
50%
90%

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$12.37 - $21.60
$12
$16
$22
MEDIAN: $16.41
10%
50%
90%

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$0$56K
Salary $30,151 - $56,428
Bonus $520 - $11,753
Profit Sharing $825
Commission $1,030 - $14,544
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).
)
$27,245 - $51,298
  • Country: United States
  • Currency: USD
  • Updated: 11 Jul 2017
  • Individuals Reporting: 563
Hourly Data $0$33
Hourly Rate $12.37 - $21.60
Hourly Tips $6.26
Overtime $19.19 - $33.74
Annual Data $0$51K
Bonus $520 - $11,753
Commission $1,030 - $14,544
Profit Sharing $825
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).
)
$27,245 - $51,298
  • Country: United States
  • Currency: USD
  • Updated: 11 Jul 2017
  • Individuals Reporting: 1,307

Find Out Exactly What You Should Be Paid

United States (change)

Employers: Start Here »

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

  • Make collection and billing calls to reduce the lost assets of a company and delinquent payments.
  • Monitor and maintain assigned accounts through follow up and possibly implement alternative payment options.

Common Career Paths for Collections Specialist


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As Collections Specialists transition into upper-level roles such as Collections Manager, they may see a strong upturn in salary. Collections Managers earn $49K on average per year. It is quite typical for Collections Specialists to transition into roles as Collections Managers or Collections Supervisors, where reported median earnings are $12K and $8K higher per year.

Collections Specialist Job Listings

Popular Employer Salaries for Collections Specialist


Known for taking on a considerable number of Collections Specialists, Parallon Business Solutions, Chase Bank, American Red Cross Blood Services, J.P. Morgan Chase & Co. (JPMCC), and Conifer Health Solutions are leading firms in the industry. Those at American Red Cross Blood Services can expect to make the most, with the company offering a median salary of $44K.

Popular Skills for Collections Specialist


Collections Specialists seem to exploit a large range of skills on the job. Most notably, skills in Phlebotomy, Oral / Verbal Communication, Accounts Receivable, and Microsoft Excel are correlated to pay that is above average, with boosts between 4 percent and 20 percent. Skills that seem to negatively impact pay include Medical Coding, Data Entry, and Collections. Most people skilled in Accounts Receivable are similarly competent in Collections.

Pay by Experience Level for Collections Specialist

Pay by Experience for a Collections Specialist has a positive trend. An entry-level Collections Specialist with less than 5 years of experience can expect to earn an average total compensation of $33,000 based on 766 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Collections Specialist with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $38,000 based on 539 salaries. An experienced Collections Specialist which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $39,000 based on 635 salaries. A Collections Specialist with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $43,000 based on 255 salaries.

Pay Difference by Location

National Average: $37,205

Larger city markers indicate a job is popular in that location.

With a pay rate for Collections Specialists that is 21 percent greater than the national average, New York offers a comfortable salary for those in this profession. Collections Specialists can also look forward to large paychecks in cities like Chicago (+12 percent), Dallas (+10 percent), Cincinnati (+9 percent), and Houston (+7 percent). Collections Specialists in San Antonio make 24 percent less than the national average, proving that location is a major factor in pay. Below-median salaries also turn up in Nashville and Pittsburgh (7 percent lower and 3 percent lower, respectively).

Collections Specialist Reviews

Q: What is it like working as a Collections Specialist?

Collections Specialist in Mesa:
"Satisfying, and Grateful."
Pros: I love what I do, I love the flexability I have to work from home. I love running the credit cards and posting payments, I feel such a sense of accomplishment.
Cons: Honestly the only 2 bad things I can think about my job, are my pay, and that I can't be full time.

Collections Specialist in Charleston:
"Boring."
Pros: Free time good pay compared to other places.
Cons: Let go if don't meet goal every so often.

Collections Specialist in Phoenix:
"Redundant."
Pros: It's easy. But feels extremely pointless.
Cons: I get very little work to do but get in trouble when I get done with it and have nothing to do.

Collections Specialist in Orlando:
"Ch2M."
Pros: Benefits overtime interactions with people.
Cons: Lack of fairness.

Collections Specialist in Round Rock:
"Stressful."
Pros: I enjoy doing what I do. I work with great people. I work for great people. I have fun at my job.
Cons: I don't get paid enough for all the work I do and everything I have taken on in a new role/ new position.

Collections Specialist in Hartsville:
"Business Development Rep."
Pros: Ease of living in the city, and the sense of community at the workplace.
Cons: Limited development, red tape requirements for advancement.

Collections Specialist in Alexandria:
"It's interesting."
Pros: The challenges of trying to get claims paid.
Cons: The denial process of claims, due to insurance companies thinking procedures are not necessary.

Related Job Salaries

Key Stats for Collections Specialist

Gender

Female
80 %
Male
20 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 327 votes.
Less than 1 year
4%
1-4 years
33%
5-9 years
20%
10-19 years
30%
20 years or more
14%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Collections Specialist Salaries

▲15%

▲5%

▲1%

National Average
$37,000

▼11%

Skills That Affect Collections Specialist Salaries

Phlebotomy
▲20%

Oral / Verbal Communication
▲5%




▲2%


bill collections
▼0%

National Average
$37,000


▼2%


▼4%

Data Entry
▼11%

Medical Coding
▼13%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 327 votes.

Gender

Female
80 %
Male
20 %

Years of Experience

Less than 1 year
4%
1-4 years
33%
5-9 years
20%
10-19 years
30%
20 years or more
14%

Common Health Benefits

medical benefits
Medical: 77%
dental benefits
Dental: 68%
vision benefits
Vision: 60%
no benefits
None: 20%
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