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The differences between collectors and collections specialists can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-12 months to become both a collector and a collections specialist. Additionally, a collections specialist has an average salary of $35,164, which is higher than the $34,872 average annual salary of a collector.
The top three skills for a collector include patients, customer service and payment arrangements. The most important skills for a collections specialist are customer service, patients, and customer accounts.
| Collector | Collections Specialist | |
| Yearly salary | $34,872 | $35,164 |
| Hourly rate | $16.77 | $16.91 |
| Growth rate | -8% | -8% |
| Number of jobs | 23,948 | 40,277 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 31% | Bachelor's Degree, 34% |
| Average age | 46 | 46 |
| Years of experience | 12 | 12 |
Collectors are responsible for monitoring and providing immediate actions for client accounts with overdue payments. Collectors must be able to contact clients through phone or e-mail. A collector's duty also includes negotiating on payment procedures and offering repayment plans and alternative payment solutions to free the debt. Collectors need to document any agreements made to the client, updating and verifying contact information, resolving account discrepancies and client complaints, and report escalated concerns to the management.
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.
Collectors and collections specialists have different pay scales, as shown below.
| Collector | Collections Specialist | |
| Average salary | $34,872 | $35,164 |
| Salary range | Between $27,000 And $44,000 | Between $27,000 And $45,000 |
| Highest paying City | Los Angeles, CA | Boston, MA |
| Highest paying state | Alaska | Connecticut |
| Best paying company | Uline | Kent Daniels & Associates |
| Best paying industry | Finance | Finance |
There are a few differences between a collector and a collections specialist in terms of educational background:
| Collector | Collections Specialist | |
| Most common degree | Bachelor's Degree, 31% | Bachelor's Degree, 34% |
| Most common major | Business | Business |
| Most common college | - | - |
Here are the differences between collectors' and collections specialists' demographics:
| Collector | Collections Specialist | |
| Average age | 46 | 46 |
| Gender ratio | Male, 36.0% Female, 64.0% | Male, 30.5% Female, 69.5% |
| Race ratio | Black or African American, 12.1% Unknown, 4.1% Hispanic or Latino, 20.1% Asian, 3.8% White, 59.5% American Indian and Alaska Native, 0.5% | Black 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% |
| LGBT Percentage | 8% | 8% |