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Credit / Collections Officer Salary

Pay for Collections Officers in the United States is very modest at just $47K annually. Total cash earnings of Collections Officers range from $27K on the low end to $71K on the high end; the final amount can include bonuses and profit sharing proceeds that occasionally exceed $10K and $5K, respectively. Job satisfaction is reported as high by the vast majority of workers. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to the larger part. There are more female Collections Officers who answered the questionnaire than male, making up 68 percent. Figures cited in this summary are based on replies to PayScale's salary questionnaire.

$29,811 - $85,543
(Median)
$30K
$47K
$86K
MEDIAN: $47,016
10%
50%
90%

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$11.91 - $20.89
(Median)
$12
$16
$21
MEDIAN: $15.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$29K$58K$87K
Salary
$29,811 - $85,543  
   
Bonus
$0.00 - $9,584  
Profit Sharing
$60.82 - $5,425  
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).
)
$27,334 - $71,232  
Country: United States | Currency: USD | Updated: 31 Mar 2015 | Individuals Reporting: 188
National Hourly Rate Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$12$24$36
Hourly Rate
$11.91 - $20.89  
   
Overtime
$16.92 - $32.77  
National Annualized Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$24K$48K$72K
Bonus
$0.00 - $9,584  
   
Profit Sharing
$60.82 - $5,425  
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).
)
$27,334 - $71,232  
Country: United States | Currency: USD | Updated: 31 Mar 2015 | Individuals Reporting: 177

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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

  • Work out terms for payment or initiats other actions as necessary.
  • Ensure collections operations function smoothly and effectively.
  • Identify and communicate with customers with delinquent accounts by mail, phone, etc.

Common Career Paths for Credit / Collections Officer


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Although many Collections Officers transition into Collections Specialist roles, the latter job seems to pay slightly less with an average reported annual income of $34K.

Bill / Account Collector Job Listings

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Popular Skills for Credit / Collections Officer


Professional skills reported by Collections Officers are few in number. Fortunate workers who know Financial Analysis can expect a significant pay bump, scoring salaries 53 percent above average. Skills that are correlated to lower pay, on the other hand, include Collections. The majority of those who know 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, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. The average inexperienced worker earns $36K, and someone who has worked for five to 10 years can expect a bigger median salary of $39K. People with 10 to 20 years of experience make an average of about $41K in this role. In the end, the overall pattern seems to be that more experience generally corresponds to higher pay; a Collections Officer with more than 20 years of experience can earn $46K on average.

Credit / Collections Officer Reviews

What is it like working as a Credit / Collections Officer?

Credit / Collections Officer in Franklin:
"It sucks."
Pros: I do not like any aspect of this job function or in the medical/behavioral health industry.
Cons: Unrealistic expectations, unsteady management and lack of structure.

What do you wish you knew about your job when you first started out?

Credit / Collections Officer in Portland:
"Technology was going to advance so quickly."
Know your industry and how to protect your company's finances. Learn to be organize. Have managers that support your decisions.

Credit / Collections Officer in Ocala:
"Be Very Clear Of What Your Goals Are."
Be very clear of what your goals are and what you want, make sure to get this in writing as it will change depending on who you speak to as to what you are told.

Related Job Salaries

United States (change)

Experience Affects Credit / Collections Officer Salaries

Late-Career
up arrow 17%

Experienced
up arrow 5%

Mid-Career
0%

National Average
$39,000

Entry-Level
up arrow 8%

Skills That Affect Credit / Collections Officer Salaries

Financial Analysis
up arrow 53%

Credit Control
up arrow 2%

Accounts Receivable
up arrow 1%

National Average
$39,000


Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 81 votes.

Gender

Female
68 %
Male
32 %

Years of Experience

Less than 1 year
4%
1-4 years
30%
5-9 years
28%
10-19 years
25%
20 years or more
13%

Common Health Benefits

medical benefits Medical: 82% dental benefits Dental: 74%
vision benefits Vision: 60% employee benefits None: 14%