Collections representative vs loan services representative

The differences between collections representatives and loan services representatives can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 6-12 months to become a collections representative, becoming a loan services representative takes usually requires 2-4 years. Additionally, a loan services representative has an average salary of $38,603, which is higher than the $34,015 average annual salary of a collections representative.

The top three skills for a collections representative include payment arrangements, customer service and delinquent accounts. The most important skills for a loan services representative are customer service, loan payments, and outbound calls.

Collections representative vs loan services representative overview

	Collections Representative	Loan Services Representative
Yearly salary	$34,015	$38,603
Hourly rate	$16.35	$18.56
Growth rate	-8%	-3%
Number of jobs	85,275	85,475
Job satisfaction	-	-
Most common degree	High School Diploma, 33%	Bachelor's Degree, 47%
Average age	46	42
Years of experience	12	4

What does a collections representative do?

A Collections Representative's role is to collect payment for outstanding or overdue bills through phone calls, email, mail, or sometimes personal appointments. A Collections Representative is required to have a great deal of research and communication skills in order to reach out to people and explain how to settle their debts or even negotiate a payment term or plan. Collections Representatives must also make sure that these terms are honored and met, and create reports for the creditor regarding the delinquent accounts.

What does a loan services representative do?

A loan service representative is responsible for communicating and interacting with clients and serves as a back-up or reliever in a company. They are the first person that the client must go through if they want to apply for a loan. Loan representatives monitor and ensure that all data and information is properly documented using a loan processing system. Also, they are the ones who inspect and verify if a company is complying with the transaction rules as well as the loan procedures and regulations.

Collections representative vs loan services representative salary

Collections representatives and loan services representatives have different pay scales, as shown below.

	Collections Representative	Loan Services Representative
Average salary	$34,015	$38,603
Salary range	Between $26,000 And $42,000	Between $15,000 And $98,000
Highest paying City	San Ramon, CA	Baltimore, MD
Highest paying state	California	New York
Best paying company	University of California, Berkeley	Jersey Shore State Bank
Best paying industry	Finance	Finance

Differences between collections representative and loan services representative education

There are a few differences between a collections representative and a loan services representative in terms of educational background:

	Collections Representative	Loan Services Representative
Most common degree	High School Diploma, 33%	Bachelor's Degree, 47%
Most common major	Business	Business
Most common college	-	University of Pennsylvania

Collections representative vs loan services representative demographics

Here are the differences between collections representatives' and loan services representatives' demographics:

	Collections Representative	Loan Services Representative
Average age	46	42
Gender ratio	Male, 30.6% Female, 69.4%	Male, 26.8% Female, 73.2%
Race ratio	Black or African American, 12.2% Unknown, 3.9% Hispanic or Latino, 18.9% Asian, 3.4% White, 61.1% American Indian and Alaska Native, 0.5%	Black or African American, 11.7% Unknown, 4.4% Hispanic or Latino, 17.0% Asian, 7.1% White, 59.4% American Indian and Alaska Native, 0.4%
LGBT Percentage	8%	7%

Differences between collections representative and loan services representative duties and responsibilities

Collections representative example responsibilities.

Protect A/R assets by managing a portfolio of accounts to maximize gainful sales and reduce debt losses.
Maintain effective communication and utilize negotiation skills with internal and external customers to effect collections while maintaining customer good will.
Submit all reconsideration and appeals if need.
Conduct periodic data cleaning of queues balances deny with deny appeals.
Resolve valid or authorize NSF charges due to decline credit cards or ACH transactions.
Collect and count inventories, reconcile purchases and scan UPC's and inputting price information.

Loan services representative example responsibilities.

Manage customer relations with internal personnel, group administrators, brokers and members as related to Medicare insurance.
Track, compile, and send HUD and VA binders off to respective government agency.
Approve final numbers on HUD closing contract, turn in final sign contract to lender for funding.
Provide research support functions to management and sales representatives on check copies, ACH maintenance and speed-pay income.
Complete address changes, respond to emails, opt out requests, return mail, ACH inquiries and enrollment.
Provide internal and external customers with require foreclosure documents while meeting require deadlines.

Collections representative vs loan services representative skills

Common collections representative skills

Payment Arrangements, 14%
Customer Service, 13%
Delinquent Accounts, 9%
Past Due Accounts, 6%
Customer Accounts, 4%
Debt Repayment, 4%

Common loan services representative skills

Customer Service, 24%
Loan Payments, 19%
Outbound Calls, 4%
Escrow Accounts, 4%
Mortgage Loans, 3%
ACH, 2%

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Office and Administrative Industry
Collections Representative
Collections Representative vs Loan Services Representative

Updated January 8, 2025

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