Credit / Collections Director Salary
Median pay for Collections Directors in the United States is around $100K per year. Geography and career duration each impact pay for this group, with the former having the largest influence. Men make up a slight majority of Collections Directors (52 percent) who responded to the survey. Medical and dental benefits are awarded to a large number, and a fair number earn vision coverage. Work is enjoyable for Collections Directors, who typically claim high levels of job satisfaction. This overview is based on answers to PayScale's salary questionnaire.
|Salary||$62,751 - $134,804|
|Bonus||$3,915 - $25,912|
|Total Pay (||$68,342 - $156,517|
Job Description for Credit / Collections Director
As the available avenues of credit continue to expand, it becomes all the more important for credit-issuing businesses to make smarter and more informed choices when determining applicants' eligibility and credit-worthiness, as it remains important to ensure that those who draw credit repay their debts in a timely fashion. This is why such businesses have departments dedicated primarily to credit and collections, and credit/collections directors are the individuals tasked with coordinating these duties.Read More...
Credit/collections directors work on both the front- and back-ends of this process by developing and utilizing policies which ensure that risk to the organization is averted and losses are minimized. This is accomplished in two major steps: first, the manager will review applications for new accounts and conduct credit-risk assessments to determine the applicants' credit-worthiness and viability. They then work to ensure that outstanding credit-holders pay their debts back in a timely manner by way of communication and negotiation to ensure established payment schedules, as well as managing these accounts to ensure that they balance. They may also oversee subordinate employees who perform some of these duties.
Employers generally prefer applicants who have a minimum of five years in a credit management role and extensive experience with common office software. A bachelor's degree in finance or accounting may also be required, and account management skills and an exceptional understanding of financial statements are highly beneficial. (Copyright 2017 PayScale.com)
Credit / Collections Director Tasks
- Lead a credit collections team, supervise employees, and participate in hiring and disciplinary decisions.
- Direct team to meet collection goals, and measure and report the team's collection rates.
- Locate delinquent borrowers and notify them of their debts.
- Set up debt payment plans and work with customers to help them pay off their debt.
- Work with third party agencies such as banks and law firms to resolve debt.
Credit / Collections Director Job Listings
Popular Skills for Credit / Collections Director
Survey results show that Collections Directors typically report just a few professional skills. Most notably, skills in Credit Control, Financial Analysis, bill collections, and Collections are correlated to pay that is above average, with boosts between 3 percent and 6 percent. For most people, competency in Collections indicates knowledge of Financial Analysis.
Pay by Experience Level for Credit / Collections Director
Pay by Experience for a Credit / Collections Director has a positive trend. An entry-level Credit / Collections Director with less than 5 years of experience can expect to earn an average total compensation of $74,000 based on 8 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Credit / Collections Director with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $99,000 based on 27 salaries. An experienced Credit / Collections Director which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $110,000 based on 59 salaries. A Credit / Collections Director with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $115,000 based on 38 salaries.
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based on 12 votes.