Credit / Collections Officer Salary

For Collections Officers, annual average wages total $48K per year. In the world of Collections Officers, total cash compensation can vary between $28K and $69K. Each package generally includes bonuses and profit sharing proceeds, and in exceptional cases, those amounts can reach heights of $10K and $5K, respectively. Medical benefits are awarded to a large number, and a fair number earn dental coverage. For the most part, Collections Officers enjoy their work and report high levels of job satisfaction.

$30,442 - $79,892
(Median)
$30K
$48K
$80K
MEDIAN: $47,712
10%
50%
90%

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$12.20 - $21.83
(Median)
$12
$16
$22
MEDIAN: $16.00
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$27K$54K$81K
Salary
$30,442 - $79,892  
   
Bonus
$0.00 - $9,620  
Profit Sharing
$60.82 - $5,425  
Commission
$1,425  
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).
)
$28,396 - $68,746  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 207
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
$12.20 - $21.83  
   
Overtime
$16.49 - $32.77  
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
$0.00 - $9,620  
   
Commission
$1,425  
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).
)
$28,396 - $68,746  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 167
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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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For Collections Officers who go on to become Collections Managers, career progression may result in slightly increased compensation. On average, a Collections Manager earns $49K annually.

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Popular Skills for Credit / Collections Officer


Survey takers who work as Collections Officers typically report just a few professional skills. Most notably, facility with Financial Analysis and Credit Control are correlated to pay that is significantly above average, leading to increases of 29 percent and 3 percent, respectively. Those listing Customer Service and Collections as skills, on the other hand, should be prepared for drastically lower pay. Those educated in Collections tend to be well versed in 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 with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. Survey participants with less than five years' experience pocket $37K on average, but those with five to 10 years of experience enjoy a much bigger median of $42K. Collections Officers claiming one to two decades of experience make an estimated median of $44K. After two decades in the workforce, the average Collections Officer generally earns more than ever; median pay for this group is estimated at $47K.

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
$42,000


Skills That Affect Credit / Collections Officer Salaries

Financial Analysis
up arrow 29%

Credit Control
up arrow 3%

Accounts Receivable
up arrow 2%

National Average
$42,000


Customer Service
up arrow 25%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 70 votes.

Gender

Female
69 %
Male
31 %

Years of Experience

Less than 1 year
3%
1-4 years
28%
5-9 years
30%
10-19 years
25%
20 years or more
14%

Common Health Benefits

medical benefits
Medical: 82%
dental benefits
Dental: 73%
medical benefits
Vision: 61%
dental benefits
None: 13%
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