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Collections specialist vs debt collector

The differences between collections specialists and debt collectors can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-12 months to become both a collections specialist and a debt collector. Additionally, a collections specialist has an average salary of $35,164, which is higher than the $33,865 average annual salary of a debt collector.

The top three skills for a collections specialist include customer service, patients and customer accounts. The most important skills for a debt collector are customer service, outbound calls, and payment arrangements.

Collections specialist vs debt collector overview

Collections SpecialistDebt Collector
Yearly salary$35,164$33,865
Hourly rate$16.91$16.28
Growth rate-8%-8%
Number of jobs40,27723,385
Job satisfaction--
Most common degreeBachelor's Degree, 34%High School Diploma, 34%
Average age4646
Years of experience1212

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.

What does a debt collector do?

Debt collectors are also known as collection agencies and are responsible for recovering past due debts. Most of them are hired by companies to collect debt either for a fee or a percentage of the total amount recovered. Also, some debt collectors buy delinquent debts at a discount and seek to collect the debt's full amount. They have many strategies to collect debts, including calling debtor's phones, sending letters, and even visiting them at their home. However, if debtors fail to pay their due, debt collectors can either update the debtor's credit report or sue them over debt. Once sued and debtors ignore court hearings and lose by default, results could either be garnishment on debtor'debtors' wages or levies on their bank.

Collections specialist vs debt collector salary

Collections specialists and debt collectors have different pay scales, as shown below.

Collections SpecialistDebt Collector
Average salary$35,164$33,865
Salary rangeBetween $27,000 And $45,000Between $26,000 And $43,000
Highest paying CityBoston, MASan Francisco, CA
Highest paying stateConnecticutCalifornia
Best paying companyKent Daniels & AssociatesMayor Ethan Berkowitz
Best paying industryFinanceConstruction

Differences between collections specialist and debt collector education

There are a few differences between a collections specialist and a debt collector in terms of educational background:

Collections SpecialistDebt Collector
Most common degreeBachelor's Degree, 34%High School Diploma, 34%
Most common majorBusinessBusiness
Most common college--

Collections specialist vs debt collector demographics

Here are the differences between collections specialists' and debt collectors' demographics:

Collections SpecialistDebt Collector
Average age4646
Gender ratioMale, 30.5% Female, 69.5%Male, 30.7% Female, 69.3%
Race ratioBlack 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%Black or African American, 12.2% Unknown, 4.0% Hispanic or Latino, 20.0% Asian, 3.4% White, 59.9% American Indian and Alaska Native, 0.5%
LGBT Percentage8%8%

Differences between collections specialist and debt collector duties and responsibilities

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.
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Debt collector example responsibilities.

  • Prevent impeding loss and increasing profitability through negotiation and enforcement of schedule collection campaigns, consistently achieving high success standards.
  • Work with FHA, obama programs at the time.
  • Educate customers on ways to get medical assistance such as Medicaid, Medicare etc.
  • Prevent foreclosure by putting people on repayment plans, submitting requests for modifications, or deed in lieu.
  • File Medicaid, Medicare and commercial claims consisting of PPO discounts, nurse practitioner discounts, humanitarian discounts, etc.
  • Maintain security and confidentiality of company and client information, following FDCPA regulations.
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Collections specialist vs debt collector skills

Common collections specialist skills
  • Customer Service, 23%
  • Patients, 8%
  • Customer Accounts, 6%
  • Payment Arrangements, 5%
  • Delinquent Accounts, 4%
  • Phone Calls, 4%
Common debt collector skills
  • Customer Service, 9%
  • Outbound Calls, 9%
  • Payment Arrangements, 8%
  • Delinquent Accounts, 8%
  • Credit Card Payments, 6%
  • FDCPA, 5%

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