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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

  • $42,220

    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  • Track down consumers who have an out-of-date address by using the Internet, post office, credit bureaus, or neighbors—a process called “skip tracing”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
Collections Manager Operations Manager General Manager
Account Manager
5 Yearsyrs
Billing Analyst Billing Manager Accounts Receivable Specialist
Accounts Receivable Manager
6 Yearsyrs
Senior Credit Analyst Assistant Vice President Office Manager
Administrative Manager
6 Yearsyrs
Senior Credit Analyst Credit Manager Office Manager
Billing Manager
7 Yearsyrs
Finance Analyst Human Resources Coordinator Business Office Manager
Business Office Director
8 Yearsyrs
Accountant Account Manager Billing Specialist
Business Office Manager
8 Yearsyrs
Collection Team Lead Collections Specialist
Collection Supervisor
5 Yearsyrs
Credit And Collection Manager Collections Specialist
Collections Manager
5 Yearsyrs
Collection Team Lead Collection Supervisor Collections Manager
Credit And Collection Manager
7 Yearsyrs
Credit And Collection Manager Accounts Receivable Specialist Accounts Receivable Supervisor
Credit Manager
5 Yearsyrs
Collections Manager Branch Manager Account Executive
Office Manager
5 Yearsyrs
Business Analyst Assistant Vice President Human Resources Coordinator
Office Manager Of Human Resources
6 Yearsyrs
Accounts Receivable Analyst Accountant Controller
Operations Manager
7 Yearsyrs
Accountant Human Resources Coordinator Payroll Specialist
Payroll Manager
7 Yearsyrs
Billing Analyst Finance Analyst Business Manager
Practice Administrator
10 Yearsyrs
Business Analyst Senior Technician Specialist Medical Assistant
Practice Manager
9 Yearsyrs
Finance Analyst Tax Preparer Accounts Receivable Specialist
Senior Accounts Receivable Specialist
7 Yearsyrs
Senior Finance Analyst Finance Director Loan Officer
Senior Loan Processor
6 Yearsyrs
Accounts Receivable Analyst Finance Analyst Finance Manager
Senior Manager
10 Yearsyrs
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Average Length of Employment
Collection Analyst 3.0 years
Bill Collector 2.6 years
Analyst 2.4 years
Collector 2.1 years
Debt Collector 1.9 years
Collection Agent 1.6 years
Top Employers Before
Collector 4.0%
Analyst 3.9%
Top Employers After
Analyst 6.3%
Collector 4.5%
Manager 3.1%
Accountant 3.0%

Collection Analyst Demographics

Gender

Female

60.8%

Male

36.1%

Unknown

3.1%
Ethnicity

White

76.9%

Hispanic or Latino

13.3%

Asian

7.7%

Unknown

1.4%

Black or African American

0.7%
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Languages Spoken

Spanish

57.6%

French

11.1%

Portuguese

3.0%

Chinese

3.0%

Russian

3.0%

Tagalog

3.0%

Mandarin

3.0%

Arabic

3.0%

Hindi

2.0%

Italian

2.0%

Swedish

1.0%

Filipino

1.0%

German

1.0%

Korean

1.0%

Japanese

1.0%

Teochew

1.0%

Carrier

1.0%

Urdu

1.0%

Bengali

1.0%
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Collection Analyst Education

Schools

University of Phoenix

28.7%

American University

6.9%

University of North Carolina at Greensboro

6.3%

Strayer University

5.2%

Ashford University

4.6%

San Jose State University

4.0%

Northeastern University

4.0%

University of Cincinnati

3.4%

Houston Community College

3.4%

Walden University

3.4%

University of Delaware

3.4%

Liberty University

3.4%

University of Maryland - University College

2.9%

Salem State University

2.9%

Miami Dade College

2.9%

Broward College

2.9%

East Tennessee State University

2.9%

Southern New Hampshire University

2.9%

Southwest Minnesota State University

2.9%

Northern Virginia Community College

2.9%
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Majors

Business

36.2%

Accounting

16.5%

Finance

6.3%

Criminal Justice

5.1%

Health Care Administration

4.3%

Management

4.2%

Communication

3.0%

Marketing

3.0%

Economics

2.7%

Computer Information Systems

2.4%

Political Science

2.3%

Human Resources Management

2.1%

Psychology

2.0%

Computer Science

1.8%

Education

1.7%

General Studies

1.5%

Medical Assisting Services

1.4%

Nursing

1.2%

Liberal Arts

1.2%

English

1.2%
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Degrees

Bachelors

41.7%

Other

27.8%

Associate

12.3%

Masters

11.6%

Certificate

3.8%

Diploma

1.8%

Doctorate

0.7%

License

0.3%
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Full Time
Part Time
Internship
Temporary

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

CustomerServiceFinancialStatementsCollectionsPortfolioDelinquentAccountsAccountReconciliationDebtPaymentArrangementsCustomerAccountsCreditCardPaymentsPastDueAccountsPaymentPlansCollectionActivitiesAccountsReceivablesDSOPhoneCallsCreditMemosBankruptcyPastDueInvoicesCollectionEffortsBillingIssues

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Top Collection Analyst Skills

  1. Customer Service
  2. Financial Statements
  3. Collections Portfolio
You can check out examples of real life uses of top skills on resumes here:
  • Provide excellent & considerate customer service to internal/external contacts.
  • Generated financial statements and facilitated account closing procedures each month.
  • Manage collections portfolio to meet quarterly and annual goals.
  • Cultivated strong professional relationships with customers in order to resolve delinquent accounts.
  • Performed detailed account reconciliation to resolve problematic disputed receivables.

Top Collection Analyst Employers