What does a Collections Specialist do?
Collections Specialists typically work for corporations, insurance companies and credit agencies to collect payments from debtors. They work closely with the sales team and review customer accounts to determine missed or overdue payments. Their job is to call debtors to notify them of missed payments or contact them by mail to issue a statement of the amount owed to the company. They may also be responsible for processing on-time payments from customers and helping them obtain refunds for products or services.
Collections Specialist skills and qualifications
Collections Specialist should have a variety of skills to be effective in their role. A successful Collections Specialist will possess the following skills and qualifications:
- Good listening skills
- Communication skills
- Familiar with the Fair Debt Collection Practices Act (FDCPA) and other laws governing debt collection practices
- Negotiating skills
- Patience and stress management
- Problem-solving skills
- Critical thinking skills
Collections Specialist salary expectations
While there is not specific salary data for a Collections Specialist, a Collection Agent makes an average of $15.23 per hour. This pay rate may depend on the candidate’s experience, education and geographic location.
Collections Specialist education and training requirements
Collections Specialist positions generally require a high school diploma. Depending upon the local labor market, some will accept a GED while others require or prefer some college but not a degree. This is a position where employers will generally provide on-the-job training for those who lack previous experience.
Collections Specialist experience requirements
While some employers require or prefer previous collection experience, most are willing to provide on-the-job training for this position. In general, Collections Specialist positions do not require extensive job-specific training before being hired for an entry-level position. However, any experience in a customer service position will be helpful.
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