Credit / Collections Officer Salary

An average Collections Officer in the United States can expect to take home roughly $47K per year. Total cash compensation to Collections Officers bottoms out near $28K and approaches $70K on the high end; the biggest paychecks include approximately $8K from bonuses and almost $5K from profit sharing. 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. Women account for the majority of Collections Officers who responded to the questionnaire — 67 percent to be exact. This report is based on responses to the PayScale salary survey.

$29,865 - $82,523

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$12.14 - $21.70

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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$28K$56K$84K
Salary
$29,865 - $82,523  
   
Bonus
$0.00 - $8,115  
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).
)
$27,944 - $69,814  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 187
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
$12.14 - $21.70  
   
Overtime
$16.53 - $32.65  
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 - $8,115  
   
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).
)
$27,944 - $69,814  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 164
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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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Collections Officers who take on a higher-level position such as Collections Specialist may get paid a little bit less in that new role, as Collections Specialists on average bring home $34K.

Bill / Account Collector Job Listings

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Popular Skills for Credit / Collections Officer


Collections Officers report a narrow range of specific skills. Most notably, facility with Financial Analysis and Credit Control are correlated to pay that is significantly above average, leading to increases of 50 percent and 3 percent, respectively. Skills that seem to negatively impact pay include Collections. Most people 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.


Collections Officers with a lot of experience do not necessarily enjoy more money. Workers in their first five years can expect to earn $37K, but people who have been around for five to 10 years earn a noticeably bigger sum of $41K. After working for 10 to 20 years, Collections Officers make a median salary of $41K. Veterans who have acquired more than 20 years report a median income of $43K, which is generally higher than the pay reported by other tenure groups.

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

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Experience Affects Credit / Collections Officer Salaries

Late-Career
up arrow 7%

Experienced
up arrow 3%


National Average
$40,000

Entry-Level
up arrow 8%

Skills That Affect Credit / Collections Officer Salaries

Financial Analysis
up arrow 50%

Credit Control
up arrow 3%

Accounts Receivable
up arrow 2%

National Average
$40,000


Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 71 votes.

Gender

Female
67 %
Male
33 %

Years of Experience

Less than 1 year
3%
1-4 years
28%
5-9 years
30%
10-19 years
25%
20 years or more
13%

Common Health Benefits

medical benefits Medical: 82% dental benefits Dental: 75%
vision benefits Vision: 62% employee benefits None: 13%
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