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Collection agent vs collections specialist

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 vs collections specialist overview

Collection AgentCollections Specialist
Yearly salary$32,689$35,164
Hourly rate$15.72$16.91
Growth rate-8%-8%
Number of jobs47,83740,277
Job satisfaction--
Most common degreeHigh School Diploma, 34%Bachelor's Degree, 34%
Average age4646
Years of experience1212

What does a collection agent do?

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.

What does a collections specialist do?

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 agent vs collections specialist salary

Collection agents and collections specialists have different pay scales, as shown below.

Collection AgentCollections Specialist
Average salary$32,689$35,164
Salary rangeBetween $22,000 And $48,000Between $27,000 And $45,000
Highest paying CityLivingston, NJBoston, MA
Highest paying stateNew JerseyConnecticut
Best paying companyJM Family EnterprisesKent Daniels & Associates
Best paying industryFinanceFinance

Differences between collection agent and collections specialist education

There are a few differences between a collection agent and a collections specialist in terms of educational background:

Collection AgentCollections Specialist
Most common degreeHigh School Diploma, 34%Bachelor's Degree, 34%
Most common majorBusinessBusiness
Most common college--

Collection agent vs collections specialist demographics

Here are the differences between collection agents' and collections specialists' demographics:

Collection AgentCollections Specialist
Average age4646
Gender ratioMale, 37.3% Female, 62.7%Male, 30.5% Female, 69.5%
Race ratioBlack 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 Percentage8%8%

Differences between collection agent and collections specialist duties and responsibilities

Collection agent example responsibilities.

  • Manage patient focuse reports, collection modules, provider/facility A/R, collections, patient discharge letters.
  • Used computer GPS to locate vehicles.
  • Input assignments and update clients via computer programs (RDN and PRIOS).
  • Demonstrate professionalism and customer support while following FDCPA guidelines.
  • Assist in preventing impending losses and increase profitability through negotiation and enforcement of schedule collection campaigns.
  • Utilize effective negotiation skills by collecting payments from debtors of unpaid accounts via telephone and written communication.
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Collections specialist example responsibilities.

  • Manage university A/R processes and enforce tuition payment policy.
  • Manage accounts for healthcare clients, review detailed patient information for payment resolution while abiding HIPPA privacy and security regulations.
  • Review denied Medicare and Maine Medicaid insurance claims for accuracy.
  • Analyze hospital insurance claims of individual patients for errors and contact major insurance carriers for claims dispute resolution.
  • Analyze accounts for patients ineligible for private insurance, Medicare or Medicaid and indicating inability to pay balance.
  • Possess effective persuasion and negotiation skills, excellent interpersonal and communications skills with the ability to deliver quality customer service.
  • Show more

Collection agent vs collections specialist skills

Common collection agent skills
  • Customer Service, 20%
  • Payment Arrangements, 19%
  • Delinquent Accounts, 7%
  • Debt Repayment, 6%
  • Past Due Accounts, 5%
  • Debt Collection, 3%
Common collections specialist skills
  • Customer Service, 23%
  • Patients, 8%
  • Customer Accounts, 6%
  • Payment Arrangements, 5%
  • Delinquent Accounts, 4%
  • Phone Calls, 4%

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