Credit / Collections Director Salary
Collections Directors in the United States pull down an average of $98K per year. Geography and experience level each impact pay for this group, with the former having the largest influence. For the most part, Collections Directors enjoy their work and report high levels of job satisfaction. A large number receive medical and dental insurance and a fair number get vision plans. Women are just slightly outnumbered, with male Collections Directors making up 56 percent of survey respondents. The data for this snapshot was collected from individuals who took PayScale's salary survey.
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|Salary||$63,569 - $135,296|
|Bonus||$4,880 - $24,819|
|Total Pay (||$69,443 - $152,825|
Job Description for Credit / Collections Director
As the available avenues of credit continue to expand, it becomes all the more important for credit-issuing businesses to make smarter and more informed choices when determining applicants' eligibility and credit-worthiness, as it remains important to ensure that those who draw credit repay their debts in a timely fashion. This is why such businesses have departments dedicated primarily to credit and collections, and credit/collections directors are the individuals tasked with coordinating these duties.Read More...
Credit/collections directors work on both the front- and back-ends of this process by developing and utilizing policies which ensure that risk to the organization is averted and losses are minimized. This is accomplished in two major steps: first, the manager will review applications for new accounts and conduct credit-risk assessments to determine the applicants' credit-worthiness and viability. They then work to ensure that outstanding credit-holders pay their debts back in a timely manner by way of communication and negotiation to ensure established payment schedules, as well as managing these accounts to ensure that they balance. They may also oversee subordinate employees who perform some of these duties.
Employers generally prefer applicants who have a minimum of five years in a credit management role and extensive experience with common office software. A bachelor's degree in finance or accounting may also be required, and account management skills and an exceptional understanding of financial statements are highly beneficial.
Credit / Collections Director Tasks
- Lead a credit collections team, supervise employees, and participate in hiring and disciplinary decisions.
- Direct team to meet collection goals, and measure and report the team's collection rates.
- Locate delinquent borrowers and notify them of their debts.
- Set up debt payment plans and work with customers to help them pay off their debt.
- Work with third party agencies such as banks and law firms to resolve debt.
Popular Skills for Credit / Collections Director
Survey takers who work as Collections Directors usually report a few specific skills. Most notably, skills in Credit Control, Financial Analysis, bill collections, and Collections are correlated to pay that is above average. Those proficient in Collections are, more often than not, also skilled in Financial Analysis.
Pay by Experience Level for Credit / Collections Director
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Collections Directors, more experience generally translates to higher pay. The average beginner in this position makes around $74K, but folks who have been around for five to 10 years see a markedly higher median salary of $99K. Professionals who claim 10 to 20 years of experience can secure some pretty cushy paychecks; the median for this group is a six-figure $110K. People who have worked for more than 20 years report a median income of $115K, which is barely higher than the median for folks with 10 to 20 years of experience.
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