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Credit / Collections Officer Salary

Collections Officers in the United States are not likely to strike it rich; they only make around $47K annually on average. Overall cash earnings for Collections Officers stretch from $27K on the lower end to $70K near the top, and the heftiest packages can encompass around $9K from bonuses and $5K from profit sharing. Most Collections Officers like their work and job satisfaction is high. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. Women account for the majority of Collections Officers who responded to the questionnaire — 68 percent to be exact.

$29,847 - $83,816
(Median)
$30K
$47K
$84K
MEDIAN: $47,223
10%
50%
90%

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$11.93 - $20.98
(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$28K$56K$84K
Salary
$29,847 - $83,816  
   
Bonus
$0.00 - $8,500  
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).
)
$27,413 - $69,862  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 186
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
$11.93 - $20.98  
   
Overtime
$16.49 - $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 - $8,500  
   
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).
)
$27,413 - $69,862  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 174

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United States (change)


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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

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

Common Career Paths for Credit / Collections Officer


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Many Collections Officers transition into upper-level roles like Collections Specialist. However, Collections Specialists do report a slightly lower median income of $34K per year.

Bill / Account Collector Job Listings

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Popular Skills for Credit / Collections Officer


Collections Officers report a focused set of job skills. Fortunate workers who know Financial Analysis can expect a significant pay bump, scoring salaries 52 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.


More years of relevant experience do not necessarily translate to higher paychecks. The median compensation for relatively untried workers is $36K; in the five-to-10 year group, it's higher at around $40K. Collections Officers claiming one to two decades of experience make an estimated median of $42K. 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
up arrow 1%

National Average
$40,000

Entry-Level
up arrow 9%

Skills That Affect Credit / Collections Officer Salaries

Financial Analysis
up arrow 52%

Credit Control
up arrow 2%

Accounts Receivable
up arrow 1%

National Average
$40,000


Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 80 votes.

Gender

Female
68 %
Male
32 %

Years of Experience

Less than 1 year
4%
1-4 years
30%
5-9 years
29%
10-19 years
24%
20 years or more
13%

Common Health Benefits

medical benefits Medical: 82% dental benefits Dental: 74%
vision benefits Vision: 60% employee benefits None: 13%
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