Credit / Collections Director Salary
Collections Directors in the United States take home an average $97K annually. Geographic location is the biggest factor affecting pay for this group, followed by tenure. Women are just slightly outnumbered, with male Collections Directors making up 57 percent of survey respondents. Job satisfaction is high and work is enjoyable for most Collections Directors. Nearly all have medical and dental plans, and a strong majority have vision insurance. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.
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.
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Popular Skills for Credit / Collections Director
Collections Directors who responded to the survey indicated only a few skills that they use on the job. Most notably, skills in Credit Control, Financial Analysis, bill collections, and Collections are correlated to pay that is above average. Those familiar with Collections also tend to know Financial Analysis.
Pay by Experience Level for Credit / Collections Director
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Collections Directors do not generally earn higher incomes from more experience in the field. The average worker who claims fewer than five years of experience earns around $74K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $99K. After one to two decades on the job, professionals can reap plentiful salaries that average out to the six-figure sum of $109K. Collections Directors who have stuck around for more than two decades see earnings that are only slightly higher than those of folks who have worked for 10 to 20 years; the more senior group makes around $111K on average.
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