Credit / Collections Officer Salary
Collections Officers in the United States can expect to earn an average of $45K per year. Geographic location and experience level each impact pay for this group, with the former having the largest influence. Most Collections Officers survey respondents are women (77 percent). In this profession, a large number enjoy medical and dental coverage, and more than half have vision insurance, as well. Job satisfaction is high and work is enjoyable for most Collections Officers. The data for this synopsis comes from respondents who took the PayScale salary survey.
|Salary||$34,701 - $68,357|
|Bonus||$50.87 - $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).)
|$29,310 - $57,527|
|Hourly Rate||$12.36 - $23.67|
|Overtime||$19.37 - $36.12|
|Bonus||$50.87 - $10,241|
|Total Pay (||$29,310 - $57,527|
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.
Popular Skills for Credit / Collections Officer
Survey results suggest that Collections Officers use a fairly large toolkit of professional skills. Fortunate workers who know Financial Analysis command much higher paychecks, scoring salaries 25 percent above average. Those listing Customer Service and Collections as skills, on the other hand, should be prepared for drastically lower pay. For most people, competency in Collections indicates knowledge of Accounts Receivable.
Pay by Experience Level for Credit / Collections Officer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Collections Officers do not generally earn higher incomes from more experience in the field. People who have worked for fewer than five years earn around $41K, and folks with five to 10 years of experience see a modestly higher median of $43K. After working for 10 to 20 years, Collections Officers make a median salary of $46K. Survey participants who have spent more than 20 years on the job report a predictably higher median income of $48K, demonstrating that compensation is roughly commensurate with experience in the end.
Pay Difference by Location
For Collections Officers, working in the bustling city of Chicago has its advantages, including an above-average pay rate. Collections Officers will also find cushy salaries in Seattle (+13 percent) and Cedar Falls (+3 percent).
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Rated 4 out of 5
based on 33 votes.