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Become A Collection Analyst

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Working As A Collection Analyst

  • Getting Information
  • Interacting With Computers
  • Communicating with Supervisors, Peers, or Subordinates
  • Documenting/Recording Information
  • Communicating with Persons Outside Organization
  • Deal with People

  • Unpleasant/Angry People

  • Mostly Sitting

  • Repetitive

  • $48,000

    Average Salary

What Does A Collection Analyst Do

Bill and account collectors try to recover payment on overdue bills. They negotiate repayment plans with debtors and help them find solutions to make paying their overdue bills easier.

Duties

Bill and account collectors typically do the following:

  • Find consumers and businesses who have overdue bills
  • Track down consumers who have an out-of-date address by using the Internet, post office, credit bureaus, or neighbors—a process called “skip tracing”
  • Inform debtors that they have an overdue bill and try to negotiate a payment
  • Explain the terms of sale or contract with the debtor, when necessary
  • Learn the reasons for the overdue bills, which can help with the negotiations
  • Offer credit advice or refer a consumer to a debt counselor, when appropriate

Bill and account collectors generally contact debtors by phone, although sometimes they do so by mail. They use computer systems to update contact information and record past collection attempts with a particular debtor. Keeping these records can help collectors with future negotiations.

The main job of bill and account collectors is finding a solution that is acceptable to the debtor and maximizes payment to the creditor. Listening to the debtor and paying attention to his or her concerns can help the collector negotiate a solution.

After the collector and debtor agree on a repayment plan, the collector continually checks to ensure that the debtor pays on time. If the debtor does not pay, the collector submits a statement to the creditor, who can take legal action. In extreme cases, this legal action may include taking back goods or disconnecting service.

Collectors must follow federal and state laws that govern debt collection. These laws require that collectors make sure they are talking with the debtor before announcing that the purpose of the call is to collect a debt. A collector also must give a statement, called “mini-Miranda,” which informs the account holder that they are speaking with a bill or debt collector.

Although many collectors work for third-party collection agencies, some work in-house for the original creditor, such as a credit-card company or a health care provider. The day-to-day activities of in-house collectors are generally the same as those of other collectors.

Collectors usually have goals they are expected to meet. Typically, these include calls per hour and success rates.

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How To Become A Collection Analyst

Collectors usually must have a high school diploma. A few months of on-the-job training is common.

Education

Most bill and account collectors are required to have a high school diploma, although some employers prefer applicants who have taken some college courses. Communication, accounting, and basic computer courses are examples of classes that are helpful for entering this occupation.

Training

Collectors usually get 1 to 3 months of on-the-job training after being hired. Training includes learning the company’s policies and computer software and learning the laws for debt collection in the Fair Debt Collection Practices Act, as well as their state’s debt-collection regulations. Collectors also may be trained in negotiation techniques.

Important Qualities

Listening skills. Collectors must pay attention to what debtors say when trying to negotiate a repayment plan. Learning the particular situation of the debtors and how they fell into debt can help collectors suggest solutions.

Negotiating skills. The main aspects of a collector’s job are reconciling the differences between two parties (the debtor and the creditor) and offering a solution that is acceptable to both parties.

Speaking skills. Collectors must be able to speak to debtors to explain their choices and ensure that they fully understand what is being said.

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Collection Analyst Jobs

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Collection Analyst Career Paths

Collection Analyst
Analyst Consultant Office Manager
Accounting Manager
7 Yearsyrs
Analyst Manager Vice President
Vice President And Manager
10 Yearsyrs
Analyst Manager Office Manager
Business Office Manager
7 Yearsyrs
Office Manager Accounting Manager
Assistant Controller
6 Yearsyrs
Collections Manager Manager Account Manager
Regional Accounts Manager
8 Yearsyrs
Collections Manager Operations Manager Property Manager
Portfolio Manager
7 Yearsyrs
Collections Manager Credit And Collection Manager
Accounts Receivable Manager
6 Yearsyrs
Credit And Collection Manager Accounts Receivable Manager Accounting Manager
Finance Controller
9 Yearsyrs
Credit And Collection Manager Operations Manager Property Manager
Office Manager Of Human Resources
6 Yearsyrs
Finance Analyst Senior Accountant
Accounts Payable Manager
7 Yearsyrs
Finance Analyst Consultant Senior Accountant
Accountant And Office Manager
6 Yearsyrs
Finance Analyst Team Leader Customer Service Manager
Collections Manager
5 Yearsyrs
Team Leader Assistant Store Manager Assistant Branch Manager
Credit Manager
5 Yearsyrs
Team Leader Assistant Store Manager Credit Manager
Credit And Collection Manager
7 Yearsyrs
Supervisor Assistant General Manager Front Office Manager
Revenue Manager
8 Yearsyrs
Supervisor Account Manager Client Services Manager
Client Manager
6 Yearsyrs
Billing Analyst Billing Supervisor
Patient Account Manager
7 Yearsyrs
Billing Analyst Credit And Collections Analyst
Senior Collection Specialist
5 Yearsyrs
Billing Analyst Credit And Collections Analyst Senior Credit And Collections Analyst
Senior Accounts Receivable Analyst
7 Yearsyrs
Fraud Analyst Benefit Specialist Reimbursement Specialist
Senior Accounts Receivable Specialist
7 Yearsyrs
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Help others decide if this is a good career for them

Average Length of Employment
Collection Analyst 3.0 years
Billing Analyst 2.9 years
Account Specialist 2.7 years
Top Careers Before Collection Analyst
Collector 5.2%
Cashier 3.8%
Analyst 3.7%
Top Careers After Collection Analyst
Analyst 7.0%
Collector 4.7%
Manager 2.9%

Do you work as a Collection Analyst?

Collection Analyst Demographics

Gender

Female

56.0%

Male

32.5%

Unknown

11.6%
Ethnicity

White

60.0%

Hispanic or Latino

16.8%

Black or African American

12.4%

Asian

7.5%

Unknown

3.3%
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Foreign Languages Spoken

Spanish

56.5%

French

9.6%

Portuguese

4.3%

Arabic

4.3%

Chinese

3.5%

Mandarin

3.5%

Russian

2.6%

Tagalog

2.6%

Japanese

1.7%

Italian

1.7%

Korean

1.7%

Swedish

0.9%

Hindi

0.9%

Filipino

0.9%

German

0.9%

Cantonese

0.9%

Teochew

0.9%

Carrier

0.9%

Urdu

0.9%

Armenian

0.9%
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Collection Analyst Education

Schools

University of Phoenix

34.8%

University of North Carolina at Greensboro

7.9%

Strayer University

6.0%

American University

5.3%

Ashford University

4.3%

Southwest Minnesota State University

3.6%

Pace University - New York

3.3%

San Jose State University

3.3%

Southern New Hampshire University

3.3%

New Jersey City University

2.6%

University of Cincinnati

2.6%

Walden University

2.6%

Miami Dade College

2.6%

DePaul University

2.6%

Morgan State University

2.6%

Kaplan University

2.6%

Northeastern University

2.6%

California State University - East Bay

2.3%

Pennsylvania State University

2.3%

Georgia State University

2.3%
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Majors

Business

36.9%

Accounting

16.5%

Finance

7.3%

Health Care Administration

5.0%

Criminal Justice

4.1%

Management

3.9%

Psychology

2.6%

Communication

2.6%

Marketing

2.5%

Economics

2.3%

General Studies

2.0%

Liberal Arts

1.9%

Political Science

1.8%

Computer Science

1.7%

Human Resources Management

1.7%

Medical Assisting Services

1.6%

Computer Information Systems

1.5%

Education

1.4%

Nursing

1.4%

Information Technology

1.4%
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Degrees

Bachelors

40.9%

Other

26.0%

Associate

13.6%

Masters

12.2%

Certificate

4.5%

Diploma

1.9%

Doctorate

0.5%

License

0.4%
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Job type you want
Full Time
Part Time
Internship
Temporary
Average Yearly Salary
$48,000
View Detailed Salary Report
$32,000
Min 10%
$48,000
Median 50%
$48,000
Median 50%
$48,000
Median 50%
$48,000
Median 50%
$48,000
Median 50%
$48,000
Median 50%
$48,000
Median 50%
$72,000
Max 90%
Best Paying Company
Sarnova
Highest Paying City
Newark, DE
Highest Paying State
Delaware
Avg Experience Level
2.9 years
How much does a Collection Analyst make at top companies?
The national average salary for a Collection Analyst in the United States is $48,318 per year or $23 per hour. Those in the bottom 10 percent make under $32,000 a year, and the top 10 percent make over $72,000.

Real Collection Analyst Salaries

Job Title Company Location Start Date Salary
Lead Risk and Collections Analyst Bill Me Later, Inc. San Jose, CA Sep 28, 2015 $132,600
Lead Risk and Collections Analyst Bill Me Later, Inc. San Jose, CA Sep 13, 2016 $127,635 -
$132,600
Collections Analyst Barclays Bank PLC Islandia, NY May 03, 2010 $85,000
Film Content Collection Analyst Dramafever Corp New York, NY Apr 09, 2015 $55,000
Collections Analyst Viacom International Services New York, NY Dec 01, 2014 $53,976

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Top Skills for A Collection Analyst

  1. Payment Arrangements
  2. Customer Service
  3. Financial Statements
You can check out examples of real life uses of top skills on resumes here:
  • Reviewed credit history of cardholders to approve or deny charge privileges Set up payment arrangements and provide customer satisfaction
  • Resolve customer concerns by providing excellent customer service through phone contacting and written correspondence communication.
  • Analyzed customer financial statements pertaining to a credit line application and provide financial guidance for order management support.
  • Cultivated strong professional relationships with customers in order to resolve delinquent accounts.
  • Maintain communication with our customers through both inbound and outbound email, voice mail and direct phone calls.

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Top 10 Best States for Collection Analysts

  1. District of Columbia
  2. Rhode Island
  3. Massachusetts
  4. Connecticut
  5. Alaska
  6. Minnesota
  7. North Dakota
  8. New Jersey
  9. Maryland
  10. Virginia
  • (147 jobs)
  • (45 jobs)
  • (291 jobs)
  • (104 jobs)
  • (5 jobs)
  • (201 jobs)
  • (16 jobs)
  • (238 jobs)
  • (270 jobs)
  • (517 jobs)

Top Collection Analyst Employers

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