Credit and Collections Representative Salary
| Annual Salary | Hourly Wage | |
|---|---|---|
| Top Earners | $50,000 | $24 |
| 75th Percentile | $42,500 | $20 |
| Average | $38,335 | $18 |
| 25th Percentile | $33,000 | $16 |
How do collection agents get paid?
The creditor pays the collector a percentage, typically between 25% to 50% of the amount collected. Debt collection agencies collect delinquent debts of all types: credit card, medical, automobile loans, personal loans, business, student loans, and even unpaid utility and cell phone bills.
What are the duties of a collections representative?
Duties include receiving payment and posting amount to customer’s account; preparing statements to credit department if customer fails to respond; initiating repossession proceedings or service disconnection; and keeping records of collection and status of accounts.
What is the collection job?
Monitoring accounts to identify overdue payments. Finding and contacting debtors to arrange debt payoffs. Keeping accurate records and reporting on collection activity.
What’s the average salary for a collections specialist?
What is the Pay by Experience Level for Collections Specialists? An entry-level Collections Specialist with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of C$40,000 based on 7 salaries.
What are the duties of a collections analyst?
In contrast, Collections Analysts take preemptive action to ensure that potential clients, policyholders or business partners have significant funds and good credit histories. They review credit scores and financial statements to determine if individuals should receive a loan or credit payment.
Do you need a high school diploma to be a collections specialist?
This pay rate may depend on the candidate’s experience, education and geographic location. 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.
