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
Collections Specialists do not often transition into Collections Manager roles. The role averages $49K per year. Collections Managers or Collections Supervisors are common next-step roles for Collections Specialists moving up in their careers; annual pay for Collections Managers is $13K higher on average, and it's $9K higher for Collections Supervisors.
Collections Specialist Job Listings
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Popular Employer Salaries for Collections Specialist
Those at Parallon Business Solutions can expect to make the most, with the company offering a median salary of $35K.
Popular Skills for Collections Specialist
Survey results imply that Collections Specialists deploy a substantial tool kit of skills at work. Most notably, facility with Phlebotomy, Oral / Verbal Communication, and Accounts Receivable are correlated to pay that is significantly above average, leading to increases of 22 percent, 7 percent, and 5 percent, respectively. Skills that seem to negatively impact pay include Data Entry. Most people who know 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.
More years of relevant experience do not necessarily translate to higher paychecks. Survey participants with less than five years' experience pocket $33K on average, but those with five to 10 years of experience enjoy a much bigger median of $37K. The average pay reported by folks with 10 to 20 years of experience is around $39K. After two decades in the workforce, the average Collections Specialist generally earns more than ever; median pay for this group is estimated at $42K.
Pay Difference by Location
For those looking to make money, Collections Specialists in New York enjoy an exceptional pay rate, 24 percent above the national average. Collections Specialists can also look forward to large paychecks in cities like Chicago (+13 percent), Dallas (+11 percent), Los Angeles (+6 percent), and Atlanta (+4 percent). Collections Specialists' salaries are heavily influenced by location — Collections Specialists in San Antonio bring in salaries that are 20 percent lower than the national average. Below-median salaries also turn up in St. Louis and Nashville (4 percent lower).