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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

  • $78,311

    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  • Track down consumers who have an out-of-date address by using the Internet, post office, credit bureaus, or neighbors—a process called “skip tracing”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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Do you work as a Collection Analyst?

Collection Analyst Jobs

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Collection Analyst Career Paths

Collection Analyst
Accounts Receivable Analyst Finance Analyst
Accounting Manager
8 Yearsyrs
Billing Analyst Staff Accountant
Accounts Receivable Manager
6 Yearsyrs
Collection Team Lead Collections Specialist Accounts Receivable Specialist
Accounts Receivable Supervisor
5 Yearsyrs
Accountant Account Executive Office Manager
Administrative Manager
6 Yearsyrs
Accountant Account Manager Billing Specialist
Business Office Manager
8 Yearsyrs
Billing Specialist Reimbursement Specialist Client Manager
Client Account Manager
6 Yearsyrs
Collection Supervisor Loan Officer Senior Loan Processor
Client Relations Manager
6 Yearsyrs
Credit And Collection Manager Collections Specialist
Collection Supervisor
5 Yearsyrs
Collection Team Lead Collection Supervisor
Collections Manager
5 Yearsyrs
Collection Supervisor Branch Manager Territory Sales Manager
Commercial Account Manager
8 Yearsyrs
Senior Credit Analyst Credit Manager
Credit And Collection Manager
7 Yearsyrs
Credit And Collection Manager Accounts Receivable Specialist Accounts Receivable Supervisor
Credit Manager
5 Yearsyrs
Accounts Receivable Analyst Accountant Account Manager
Regional Accounts Manager
8 Yearsyrs
Collections Manager Branch Manager Account Executive
Relationship Manager
6 Yearsyrs
Business Analyst Business Manager Billing Manager
Revenue Manager
8 Yearsyrs
Billing Analyst Finance Analyst Assistant Vice President
Risk Manager
8 Yearsyrs
Senior Credit Analyst Credit And Collection Manager Accounts Receivable Specialist
Senior Accounts Receivable Specialist
7 Yearsyrs
Accounting Analyst Billing Specialist Collections Specialist
Senior Collection Specialist
5 Yearsyrs
Collections Manager Operations Manager Branch Manager
Vice President And Manager
10 Yearsyrs
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Do you work as a Collection Analyst?

Help others decide if this is a good career for them

Average Length of Employment
Collection Analyst 3.0 years
Bill Collector 2.4 years
Analyst 2.4 years
Debt Collector 1.9 years
Collection Agent 1.6 years
Top Employers Before
Collector 5.2%
Analyst 4.1%
Teller 3.0%
Top Employers After
Analyst 7.0%
Collector 4.9%
Accountant 3.1%
Manager 3.1%

Do you work as a Collection Analyst?

Collection Analyst Demographics

Gender

Female

61.7%

Male

35.3%

Unknown

3.0%
Ethnicity

White

59.0%

Hispanic or Latino

17.6%

Black or African American

12.2%

Asian

7.9%

Unknown

3.3%
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Languages Spoken

Spanish

53.7%

French

11.6%

Chinese

4.2%

Mandarin

4.2%

Portuguese

3.2%

Russian

3.2%

Tagalog

3.2%

Arabic

3.2%

Japanese

2.1%

Italian

2.1%

Swedish

1.1%

Hindi

1.1%

Filipino

1.1%

German

1.1%

Cantonese

1.1%

Teochew

1.1%

Carrier

1.1%

Urdu

1.1%

Korean

1.1%
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Collection Analyst Education

Schools

University of Phoenix

28.4%

American University

6.8%

University of North Carolina at Greensboro

6.3%

Strayer University

6.3%

Ashford University

4.5%

San Jose State University

4.0%

Northeastern University

4.0%

Houston Community College

3.4%

University of Delaware

3.4%

Southern New Hampshire University

3.4%

Liberty University

3.4%

Northern Virginia Community College

3.4%

University of Cincinnati

2.8%

Valencia College

2.8%

West Virginia University

2.8%

University of Connecticut

2.8%

Salem State University

2.8%

Miami Dade College

2.8%

Broward College

2.8%

Walden University

2.8%
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Majors

Business

36.4%

Accounting

16.5%

Finance

6.6%

Criminal Justice

4.8%

Management

4.2%

Health Care Administration

4.2%

Marketing

2.8%

Communication

2.6%

Economics

2.5%

Political Science

2.4%

Computer Information Systems

2.4%

Psychology

2.1%

Human Resources Management

2.0%

Computer Science

1.8%

General Studies

1.6%

Liberal Arts

1.6%

Medical Assisting Services

1.5%

Education

1.4%

Nursing

1.3%

Sociology

1.3%
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Degrees

Bachelors

41.2%

Other

28.4%

Associate

12.3%

Masters

11.6%

Certificate

3.7%

Diploma

1.9%

Doctorate

0.6%

License

0.3%
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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

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  1. Data Collection
  2. Financial Statements
  3. Days Past
You can check out examples of real life uses of top skills on resumes here:
  • Managed brigade collection assets to optimize data collection activities and to protect personnel working in the operational environment.
  • Analyzed customer financial statements pertaining to a credit line application and provide financial guidance for order management support.
  • Manage collections on 1,500 accounts, 30+ days past due making collection calls and sending out reminder letters.
  • Resolve customer concerns by providing excellent customer service through phone contacting and written correspondence communication.
  • Reviewed credit history of cardholders to approve or deny charge privileges Set up payment arrangements and provide customer satisfaction

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Top Collection Analyst Employers

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