Credit / Collections Officer Salary

The average Collections Officer in the United States earns approximately $45K per year. Geographic location and tenure each impact pay for this group, with the former having the largest influence. The vast majority of Collections Officers (81 percent) who participated in the survey are women. A large number enjoy medical while a fair number get dental coverage. Vision coverage is also available to the larger part. The majority of workers are highly satisfied with their job.

$35,141 - $66,933
$35K
$45K
$67K
MEDIAN: $45,340
10%
50%
90%

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$12.50 - $24.17
$12
$18
$24
MEDIAN: $17.86
10%
50%
90%

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$0$66K
Salary $35,141 - $66,933
Bonus $101 - $9,899
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).
)
$30,634 - $58,960
  • Country: United States
  • Currency: USD
  • Updated: 18 Nov 2017
  • Individuals Reporting: 88
Hourly Data $0$38
Hourly Rate $12.50 - $24.17
Overtime $18.20 - $38.01
Annual Data $0$58K
Bonus $101 - $9,899
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).
)
$30,634 - $58,960
  • Country: United States
  • Currency: USD
  • Updated: 18 Nov 2017
  • Individuals Reporting: 90

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. (Copyright 2017 PayScale.com)


Credit / Collections Officer Tasks

  • Identify and communicate with customers with delinquent accounts by mail, phone, etc.
  • Work out terms for payment or initiates other actions as necessary.
  • Ensure collections operations function smoothly and effectively.

Common Career Paths for Credit / Collections Officer


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Many Collections Officers advance their careers by becoming Collections Managers, who report a slightly higher median income of $49K.

Credit / Collections Officer Job Listings

Popular Skills for Credit / Collections Officer


Collections Officers generally report applying a varied skill set to their work. Fortunate workers who know Financial Analysis command much higher paychecks, scoring salaries 24 percent above average. Those listing Customer Service and Collections as skills, on the other hand, should be prepared for drastically lower pay. For most people, competency in Collections indicates knowledge of Accounts Receivable.

Pay by Experience Level for Credit / Collections Officer

Pay by Experience for a Credit / Collections Officer has a positive trend. An entry-level Credit / Collections Officer with less than 5 years of experience can expect to earn an average total compensation of $41,000 based on 96 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Credit / Collections Officer with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $43,000 based on 64 salaries. An experienced Credit / Collections Officer which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $46,000 based on 48 salaries. A Credit / Collections Officer with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $48,000 based on 32 salaries.

Pay Difference by Location

National Average: $43,009

Larger city markers indicate a job is popular in that location.

Chicago offers some of the highest pay in the country for Collections Officers, 31 percent above the national average. Collections Officers will also find cushy salaries in Seattle (+12 percent) and Cedar Falls (+2 percent).

Credit / Collections Officer Reviews

Q: 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.

Related Job Salaries

Key Stats for Credit / Collections Officer

Gender

Female
82 %
Male
18 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 41 votes.
Less than 1 year
4%
1-4 years
28%
5-9 years
19%
10-19 years
29%
20 years or more
20%

Experience Affects Credit / Collections Officer Salaries

▲11%

▲6%

National Average
$43,000

▼1%

▼4%

Skills That Affect Credit / Collections Officer Salaries

Financial Analysis
▲24%


National Average
$43,000

Accounts Receivable
▼1%


▼9%

Customer Service
▼28%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 41 votes.

Gender

Female
82 %
Male
18 %

Years of Experience

Less than 1 year
4%
1-4 years
28%
5-9 years
19%
10-19 years
29%
20 years or more
20%

Common Health Benefits

medical benefits
Medical: 83%
dental benefits
Dental: 76%
vision benefits
Vision: 70%
no benefits
None: 13%