Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between collection agents and collections specialists can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-12 months to become both a collection agent and a collections specialist. Additionally, a collections specialist has an average salary of $35,164, which is higher than the $32,689 average annual salary of a collection agent.
The top three skills for a collection agent include customer service, payment arrangements and delinquent accounts. The most important skills for a collections specialist are customer service, patients, and customer accounts.
| Collection Agent | Collections Specialist | |
| Yearly salary | $32,689 | $35,164 |
| Hourly rate | $15.72 | $16.91 |
| Growth rate | -8% | -8% |
| Number of jobs | 47,837 | 40,277 |
| Job satisfaction | - | - |
| Most common degree | High School Diploma, 34% | Bachelor's Degree, 34% |
| Average age | 46 | 46 |
| Years of experience | 12 | 12 |
A collections agent is responsible for communicating with clients to collect payment for their overdue bills and outstanding balances. Collections agents monitor and update a customer's account information in the system, offer repayment plans, manage billing disputes, negotiate sales terms, and maintain records of account resolution. They must evaluate customers' credit reports and delinquency levels to skip tracing priorities. A collections agent must have excellent communication and customer service skills to listen to customers' requests and initiate payment procedures.
As their name entails, collections specialists collect payments for the outstanding accounts receivables. Collections specialists list the names of those who were unable to pay their overdue bills based on their delinquency severity. They locate the customers through loan documents, background checks, credit bureau information, and other databases or paperwork. These specialists are expected to be excellent in their negotiation and communication skills. They should also be trustworthy, reliable, and act professionally to be considered as good specialists.
Collection agents and collections specialists have different pay scales, as shown below.
| Collection Agent | Collections Specialist | |
| Average salary | $32,689 | $35,164 |
| Salary range | Between $22,000 And $48,000 | Between $27,000 And $45,000 |
| Highest paying City | Livingston, NJ | Boston, MA |
| Highest paying state | New Jersey | Connecticut |
| Best paying company | JM Family Enterprises | Kent Daniels & Associates |
| Best paying industry | Finance | Finance |
There are a few differences between a collection agent and a collections specialist in terms of educational background:
| Collection Agent | Collections Specialist | |
| Most common degree | High School Diploma, 34% | Bachelor's Degree, 34% |
| Most common major | Business | Business |
| Most common college | - | - |
Here are the differences between collection agents' and collections specialists' demographics:
| Collection Agent | Collections Specialist | |
| Average age | 46 | 46 |
| Gender ratio | Male, 37.3% Female, 62.7% | Male, 30.5% Female, 69.5% |
| Race ratio | Black or African American, 12.3% Unknown, 4.0% Hispanic or Latino, 19.5% Asian, 3.6% White, 60.1% American Indian and Alaska Native, 0.5% | Black or African American, 12.2% Unknown, 4.1% Hispanic or Latino, 18.5% Asian, 3.7% White, 61.0% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |