Debt Collector Salary

Pay for Debt Collectors in the United States sits in the ballpark of $13.21 per hour. Geography and experience level each impact pay for this group, with the former having the largest influence. Unfortunately, some people in this line of work are without benefits — about a fourth lack coverage. On the flip side, a fair number have medical insurance and a majority receive dental plans. Female Debt Collectors survey participants are more prevalent than men — 61 percent of professionals. Work is reasonably fulfilling for most Debt Collectors — the majority report average levels of job satisfaction. The data in this summary comes from the PayScale salary survey.

$23,570 - $49,979
(Median)
$24K
$33K
$50K
MEDIAN: $33,464
10%
50%
90%

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$9.87 - $18.01
(Median)
$9
$13
$18
MEDIAN: $13.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$17K$34K$51K
Salary
$23,570 - $49,979  
   
Bonus
$0.00 - $11,970  
Commission
$993 - $19,574  
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).
)
$21,392 - $46,147  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 204
National Hourly Rate Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$10$20$30
Hourly Rate
$9.87 - $18.01  
   
Overtime
$9.50 - $27.76  
National Annualized Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$20K$40K$60K
Bonus
$0.00 - $11,970  
   
Commission
$993 - $19,574  
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).
)
$21,392 - $46,147  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 657
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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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At the upper end, Debt Collectors who move into a Collections Manager role can end up with a hefty increase in pay. The average income for Collections Managers is a much higher $49K per year. Debt Collectors moving up in their careers tend to step into positions as Collections Managers or Collections Supervisors. The median paychecks in those roles are $17K higher and $14K higher, respectively.

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Popular Skills for Debt Collector


Debt Collectors typically list a handful of skills they use on the job. 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.


Debt Collectors do not generally earn higher incomes from more experience in the field. Relatively untried employees who have less than five years' experience make $28K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $33K. Debt Collectors claiming one to two decades of experience make an estimated median of $36K. Veterans who have surpassed the 20-year mark may make only slightly more than those who are navigating the mid-career stage; the more senior group reports median earnings of around $37K.

Pay Difference by Location


Home to some of the best pay for Debt Collectors, New York offers exceptional salaries, 38 percent above the national average. Debt Collectors will also find cushy salaries in Dallas (+12 percent), Los Angeles (+9 percent), San Diego (+7 percent), and Minneapolis (+4 percent). Those in the field find the lowest salaries in Buffalo, 13 percent below the national average. Employers pay around 12 percent less in Cleveland and 10 percent less in Tulsa, below-median salaries for those in this field.

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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: 71% dental benefits Dental: 61%
vision benefits Vision: 46% employee benefits None: 26%
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