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Collector vs loan services representative

The differences between collectors 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 collector, 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 $34,872 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 loan services representative are customer service, loan payments, and outbound calls.

Collector vs loan services representative overview

CollectorLoan Services Representative
Yearly salary$34,872$38,603
Hourly rate$16.77$18.56
Growth rate-8%-3%
Number of jobs23,94885,475
Job satisfaction--
Most common degreeBachelor's Degree, 31%Bachelor's Degree, 47%
Average age4642
Years of experience124

What does a collector do?

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.

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.

Collector vs loan services representative salary

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

CollectorLoan Services Representative
Average salary$34,872$38,603
Salary rangeBetween $27,000 And $44,000Between $15,000 And $98,000
Highest paying CityLos Angeles, CABaltimore, MD
Highest paying stateAlaskaNew York
Best paying companyUlineJersey Shore State Bank
Best paying industryFinanceFinance

Differences between collector and loan services representative education

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

CollectorLoan Services Representative
Most common degreeBachelor's Degree, 31%Bachelor's Degree, 47%
Most common majorBusinessBusiness
Most common college-University of Pennsylvania

Collector vs loan services representative demographics

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

CollectorLoan Services Representative
Average age4642
Gender ratioMale, 36.0% Female, 64.0%Male, 26.8% Female, 73.2%
Race ratioBlack 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, 11.7% Unknown, 4.4% Hispanic or Latino, 17.0% Asian, 7.1% White, 59.4% American Indian and Alaska Native, 0.4%
LGBT Percentage8%7%

Differences between collector and loan services representative duties and responsibilities

Collector example responsibilities.

  • Manage patient focuse reports, collection modules, provider/facility A/R, collections, patient discharge letters.
  • Monitor all assign accounts by reviewing the client's aging, manage all potential bad debit, DSO, aging.
  • Prevent impeding loss and increasing profitability through negotiation and enforcement of schedule collection campaigns, consistently achieving high success standards.
  • Provide customer service via telephone and correspondence for patients and authorize representatives regarding outstanding patient accounts in accordance with facility protocol.
  • Verify and run eligibility on the following insurance, Medi-Cal, Medi-Cal HMO, Medicare, Medicare HMO.
  • Provide excellent customer service while following HIPPA confidentiality laws.
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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.
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Collector vs loan services representative skills

Common collector skills
  • Patients, 14%
  • Customer Service, 10%
  • Payment Arrangements, 10%
  • Excellent Interpersonal, 9%
  • Delinquent Accounts, 8%
  • Student Loans, 5%
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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