Debt Collector Salary

Average Debt Collectors in the United States make around $13.25 per hour. Geographic location and career length each impact pay for this group, with the former having the largest influence. Most Debt Collectors are fairly content with their jobs, and work satisfaction falls in line with the national average. Women make up the majority of Debt Collectors (61 percent) who completed the questionnaire. Approximately one in four of professionals in this line of work do not receive benefits; however, a fair number report medical coverage and more than half claim dental coverage as well. The data for this synopsis comes from respondents who took the PayScale salary survey.

$23,723 - $50,055

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$9.91 - $18.03

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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$17K$34K$51K
Salary
$23,723 - $50,055  
   
Bonus
$0.00 - $11,943  
Commission
$986 - $20,089  
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).
)
$21,602 - $46,155  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 202
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$10$20$30
Hourly Rate
$9.91 - $18.03  
   
Overtime
$9.21 - $27.54  
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$20K$40K$60K
Bonus
$0.00 - $11,943  
   
Commission
$986 - $20,089  
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).
)
$21,602 - $46,155  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 661
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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.

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Debt Collector Tasks

  • Record information about financial status of customers and status of collection efforts.
  • Monitor overdue accounts, receive payments and post amounts paid to customer accounts.
  • Locate and notify customers of delinquent accounts by mail or telephone.
  • Arrange for debt repayment or establish repayment schedules, based on customers' financial situations.

Common Career Paths for Debt Collector


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For Debt Collectors, progressing to a Collections Manager role may result in a significant raise. On average, a Collections Manager can earn $49K annually. It is quite typical for Debt Collectors to transition into roles as Collections Managers or Collections Supervisors, where reported median earnings are $17K and $14K higher per year.

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Popular Skills for Debt Collector


Survey takers who work as Debt Collectors report a focused set of job skills. Those who have experience with Collections, Negotiation, and Customer Service can expect to be compensated well for these skills. Those educated in Collections tend to be well versed in Negotiation.

Pay by Experience Level for Debt Collector

Median of all compensation (including tips, bonus, and overtime) by years of experience.


For Debt Collectors, experience does not seem to be a major factor in determining pay. Although individuals who have less than five years' experience earn $28K on average, people with five to 10 years benefit from a notably larger average of $33K. People with 10 to 20 years of experience make an average of about $36K in this role. People who have worked for more than 20 years report a median income of $37K, which is barely higher than the median for folks with 10 to 20 years of experience.

Pay Difference by Location


With a pay rate for Debt Collectors that is 38 percent greater than the national average, New York offers a comfortable salary for those in this profession. Debt Collectors will also find cushy salaries in Dallas (+12 percent), Los Angeles (+9 percent), San Diego (+7 percent), and Phoenix (+2 percent). Buffalo ranks last in the field for pay, reporting salaries 13 percent below the national average. Below-median salaries also turn up in Cleveland and Tulsa (12 percent lower and 10 percent lower, respectively).

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Experience Affects Debt Collector Salaries




National Average
$31,000


Skills That Affect Debt Collector Salaries

Collections
up arrow 3%

Negotiation
up arrow 3%

National Average
$31,000

Customer Service
up arrow 3%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 151 votes.

Gender

Female
61 %
Male
39 %

Years of Experience

Less than 1 year
7%
1-4 years
38%
5-9 years
22%
10-19 years
22%
20 years or more
10%

Common Health Benefits

medical benefits Medical: 70% dental benefits Dental: 61%
vision benefits Vision: 45% employee benefits None: 27%
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