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Credit / Collections Officer Salary

Pay for Collections Officers in the United States is very modest at just $47K per year. In the world of Collections Officers, overall cash allowance can occasionally include more than $9K from bonuses and, in some exceptional cases, $5K from profit sharing, causing incomes to vary widely between $27K and $71K. Medical benefits are awarded to a large number, and a fair number earn dental coverage. Women make up the majority of Collections Officers (69 percent) who completed the questionnaire. The majority of workers are highly satisfied with their job. This snapshot results from replies to PayScale's salary survey.
$29,647 - $84,797
(Median)
30K
38K
47K
64K
85K
MEDIAN: $46,503
10%
25%
50%
75%
90%

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$11.84 - $20.47
(Median)
12
14
16
18
20
MEDIAN: $15.00
10%
25%
50%
75%
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
$29,647 - $84,797  
   
Bonus
$0.00 - $8,681  
Profit Sharing
$60.82 - $5,425  
Commission
$1,600 - $6,750  
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).
)
$27,048 - $70,571  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 189
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
$11.84 - $20.47  
   
Overtime
$17.01 - $34.24  
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 - $8,681  
   
Commission
$1,600 - $6,750  
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).
)
$27,048 - $70,571  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 182
United States (change)

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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As Collections Officers make advancements in their career path, typically to roles like Collections Specialist, salaries may go down. On average, Collections Specialists make $34K per year.

Bill / Account Collector Job Listings

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Popular Skills for Credit / Collections Officer


Typical Collections Officers report a focused set of job skills. Fortunate workers who know Financial Analysis command much higher paychecks, scoring salaries 55 percent above average. At the other end of the pay range are skills like Accounts Receivable and Collections. 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.


Experience and pay tend to be weakly linked for Collections Officers — those with more experience do not necessarily bring in higher earnings. People who have worked for fewer than five years bring home $36K on average. Median compensation in the five-to-10 year group, however, is higher at approximately $39K. For Collections Officers, 10 to 20 years of experience on the job amounts to an average salary of $41K. Survey participants who have spent more than 20 years on the job report a predictably higher median income of $46K, demonstrating that compensation is roughly commensurate with experience in the end.

Credit / Collections Officer Advice

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

Experience Affects Credit / Collections Officer Salaries

Late-Career
up arrow 19%

Experienced
up arrow 4%

Mid-Career
0%

National Average
$39,000

Entry-Level
up arrow 8%

Skills That Affect Credit / Collections Officer Salaries

Financial Analysis
up arrow 55%

Credit Control
up arrow 2%

National Average
$39,000


Accounts Receivable
up arrow 12%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 84 votes.

Gender

Female
69 %
Male
31 %

Years of Experience

Less than 1 year
3%
1-4 years
30%
5-9 years
29%
10-19 years
23%
20 years or more
15%

Common Health Benefits

medical benefits Medical: 81% dental benefits Dental: 73%
vision benefits Vision: 58% employee benefits None: 14%