Credit / Collections Officer Salary
Collections Officers in the United States pull down an average of $45K per year. Experience level and the particular city each impact pay for this group, with the former having the largest influence. Female Collections Officers make up most of the survey respondents at 72 percent. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. Most workers in this position report high levels of job satisfaction.
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.
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Popular Skills for Credit / Collections Officer
Collections Officers report using a wide range of professional skills. Fortunate workers who know Financial Analysis command much higher paychecks, scoring salaries 25 percent above average. Customer Service and Collections as skills, however, tend to be associated with significantly smaller paychecks. Most people experienced in 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 many Collections Officers, extensive experience does not lead to significantly more money. Average salaries for inexperienced employees average out to around $41K, but folks who have five to 10 years of experience earn a higher median of $43K. Collections Officers with one to two decades of relevant experience report an average salary of approximately $46K. 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 $47K on average.
Pay Difference by Location
For Collections Officers, Chicago provides a pay rate that is 12 percent greater than the national average. Collections Officers will also find cushy salaries in New York (+9 percent) and Cedar Falls (+2 percent).