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. The data for this synopsis comes from respondents who took the PayScale salary survey.

$32,883 - $69,512
(Median)
$33K
$45K
$70K
MEDIAN: $45,248
10%
50%
90%

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$12.63 - $24.15
(Median)
$13
$17
$24
MEDIAN: $17.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$24K$48K$72K
Salary
$32,883 - $69,512  
   
Bonus
$49.13 - $10,174  
Commission
$450.00  
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).
)
$29,703 - $61,152  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 114
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$12$24$36
Hourly Rate
$12.63 - $24.15  
   
Overtime
$20.36 - $35.15  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$24K$48K$72K
Bonus
$49.13 - $10,174  
   
Commission
$450.00  
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).
)
$29,703 - $61,152  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 94
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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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Moving into a Collections Manager position seems to be a popular career progression. Median pay for this job is $49K annually.

Bill / Account Collector Job Listings

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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

National Average: $42,972

Larger city markers indicate a job is popular in that 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).

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.

Related Job Salaries

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Experience Affects Credit / Collections Officer Salaries



National Average
$43,000



Skills That Affect Credit / Collections Officer Salaries

Financial Analysis
up arrow 25%

Credit Control
up arrow 2%

Accounts Receivable
up arrow 1%

National Average
$43,000

bill collections
up arrow 2%


Customer Service
up arrow 28%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 34 votes.

Gender

Female
72 %
Male
28 %

Years of Experience

Less than 1 year
5%
1-4 years
30%
5-9 years
26%
10-19 years
23%
20 years or more
15%

Common Health Benefits

medical benefits
Medical: 82%
dental benefits
Dental: 75%
medical benefits
Vision: 69%
dental benefits
None: 13%
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