Credit / Collections Director Salary
Collections Directors in the United States can expect wages of $98K per year on average. Location and career duration each impact pay for this group, with the former having the largest influence. Medical benefits are awarded to almost all, and a large number earn dental coverage. Job satisfaction is reported as high by the vast majority of workers. The data for this synopsis comes from respondents who took the PayScale salary survey.
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 only report a few specific skills. Most notably, skills in Financial Analysis, Credit Control, 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.
For many Collections Directors, more experience generally translates to higher pay. In this occupation, salaries for the relatively untested average out to $74K, but folks in the five-to-10 year range enjoy a much heftier median of $100K. Collections Directors claiming one to two decades of experience make an estimated median of $108K. Veterans who have surpassed the 20-year mark may make only slightly more than those who are navigating the mid-career stage; the more senior group reports median earnings of around $113K.
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