Debt Collector Salary
An average Debt Collector in the United States can expect to take home roughly $13.70 per hour. Residence is the main element affecting pay for this group — years of experience and the individual firm are driving factors as well. Women account for the majority of Debt Collectors who responded to the questionnaire — 65 percent to be exact. Most Debt Collectors report high levels of job satisfaction. While some workers in this profession — one in four — do not have any health coverage, more than half do receive medical benefits and the larger part have dental insurance. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.
|Salary||$25,479 - $58,449|
|Bonus||$690 - $17,817|
|Commission||$496.65 - $29,691|
|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).)
|$22,827 - $48,796|
|Hourly Rate||$10.44 - $17.53|
|Overtime||$15.91 - $28.38|
|Bonus||$690 - $17,817|
|Commission||$496.65 - $29,691|
|Total Pay (||$22,827 - $48,796|
Job Description for Debt Collector
A debt collector notifies the holders of accounts that are "past due" of their obligations to pay, and they help find and facilitate the best means for that person to repay the amount owed. Most of the time, individuals in this position work for a financial company dedicated to collecting on past due accounts.Read More...
The biggest skills a debt collector need are the ability to communicate well and keep information organized. In many cases, a debt collector spends most of their time on the phone, and they likely work in a call center environment; it is common for a debt collector to make 100 to 200 phone calls per day. Additionally, a debt collector may generate mail correspondence as well.
Debt collectors are normally given their company's parameters or methods for acceptable debt repayment. Debt collectors work with individuals with past due accounts within those parameters to reduce or eliminate the debt. These professionals often need to note all contact with the debtor and follow up with them on any agreed-upon payment methods or obligations.
Debt collectors work a variety of shifts throughout the day; most U.S. states permit debt collection calls until the early evening, so a collector on the East coast may work until 10 p.m. or later to make calls further west.
The work can occasionally be stressful for debt collectors, as debtors they contact may lash out verbally over the debt in question. As such, a critical skill for a debt collector is thick skin and an ability to maintain a calm demeanor in these stressful situations. Some employers may also prefer previous experience as a debt collector or in a similar position.
Debt Collector Tasks
- Locate and notify customers of delinquent accounts by mail or telephone.
- Arrange for debt repayment or establish repayment schedules, based on customers' financial situations.
- Record information about financial status of customers and status of collection efforts.
- Monitor overdue accounts, receive payments and post amounts paid to customer accounts.
Common Career Paths for Debt Collector
Though it's uncommon, some Debt Collectors move into roles as Collections Managers, where pay is an average $49K per year. Debt Collectors most often move into positions as Collections Supervisors or Collections Managers; those groups report median salaries that are $14K higher and $18K higher, respectively.
Popular Employer Salaries for Debt Collector
Popular Skills for Debt Collector
Debt Collectors report using a diverse set of skills on the job. Most notably, skills in Negotiation, Collections, bill collections, and Typing are correlated to pay that is above average. Skills that pay less than market rate include Bilingual. Most people experienced in Customer Service also know Collections.
Pay by Experience Level for Debt Collector
Pay by Experience for a Debt Collector has a positive trend. An entry-level Debt Collector with less than 5 years of experience can expect to earn an average total compensation of $29,000 based on 297 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Debt Collector with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $34,000 based on 136 salaries. An experienced Debt Collector which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $35,000 based on 159 salaries. A Debt Collector with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $38,000 based on 43 salaries.
Pay Difference by Location
For Debt Collectors, Houston provides a pay rate that is 32 percent greater than the national average. Debt Collectors can also look forward to large paychecks in cities like Cleveland (+13 percent), Dallas (+11 percent), Phoenix (+8 percent), and Denver (+6 percent). Place of residence plays a huge part in a Debt Collector's salary, with Tucson Debt Collectors earning salaries that are 26 percent less than the national average. Employers pay around 14 percent less in Buffalo and 13 percent less in Cincinnati, below-median salaries for those in this field.
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