Credit / Collections Officer Salary
The average Collections Officer in the United States can expect to rake in roughly $45K per year. Residence and tenure each impact pay for this group, with the former having the largest influence. Medical benefits are awarded to a large number, and a fair number earn dental coverage. Job satisfaction is high and work is enjoyable for most Collections Officers. Men are in the minority of survey respondents, with female Collections Officers making up 77 percent.
|Salary||$34,418 - $69,014|
|Bonus||$49.13 - $10,241|
|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).)
|$29,745 - $61,004|
|Hourly Rate||$12.35 - $24.03|
|Overtime||$20.28 - $34.84|
|Bonus||$49.13 - $10,241|
|Total Pay (||$29,745 - $61,004|
Job Description for Credit / Collections Officer
A credit/collections officer is responsible for answering inbound calls and making outbound calls to clients who are past due on their accounts. Experience in the credit or banking industry is preferred but not necessary, as it is often an entry-level position. Good communication skills are essential, as the credit/collections officer will be trying to recover company losses by obtaining payments from delinquent clients. The credit/collections officer must be able to handle basic math to set up payment plans based on budget information provided by clients, and must be able to calculate the amount a client can afford to pay each month based on that budget. Good phone manners are required, and the credit/collections officer must be able to speak proper English so that callers can understand what is being said. Other language skills are a plus, as many clients might not speak English as their first language. A credit/collections officer must be able to look over an account history and identify any past problems or potential future problems when setting up payments or discussing a settlement. The employee should be able to respond to caller concerns and difficulties with a sense of empathy and understanding, but should be able to firmly request that each client make his or her due payment or make some arrangements to begin paying off the delinquent account. A credit/collections officer must have a working knowledge of the Fair Debt Collection Practices Act, and should adhere to all legal requirements of the FDCPA in contacting clients and those who represent clients.
Credit / Collections Officer Tasks
- Identify and communicate with customers with delinquent accounts by mail, phone, etc.
- Work out terms for payment or initiates other actions as necessary.
- Ensure collections operations function smoothly and effectively.
Common Career Paths for Credit / Collections Officer
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Popular Skills for Credit / Collections Officer
Survey results suggest that Collections Officers put a wide range of professional skills to use. Fortunate workers who know Financial Analysis command much higher paychecks, scoring salaries 24 percent above average. Those listing Customer Service and Collections as skills, on the other hand, should be prepared for drastically lower pay. Most people familiar with Collections also know Accounts Receivable.
Pay by Experience Level for Credit / Collections Officer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Collections Officers, experience does not seem to be a major factor in determining pay. Workers with less than five years' experience earn around $41K on average, and those who have five to 10 years under their belts see a higher median salary of $43K. Collections Officers bring in $46K after working for 10 to 20 years. Collections Officers 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 $48K on average.
Pay Difference by Location
For those looking to make money, Collections Officers in Chicago enjoy an exceptional pay rate, 31 percent above the national average. Collections Officers will also find cushy salaries in Cedar Falls (+2 percent) and New York (+2 percent).
Credit / Collections Officer Reviews
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Key Stats for Credit / Collections Officer
Rated 4 out of 5
based on 36 votes.