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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 | Loan Services Representative | |
| Yearly salary | $34,872 | $38,603 |
| Hourly rate | $16.77 | $18.56 |
| Growth rate | -8% | -3% |
| Number of jobs | 23,948 | 85,475 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 31% | Bachelor's Degree, 47% |
| Average age | 46 | 42 |
| Years of experience | 12 | 4 |
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.
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.
Collectors and loan services representatives have different pay scales, as shown below.
| Collector | Loan Services Representative | |
| Average salary | $34,872 | $38,603 |
| Salary range | Between $27,000 And $44,000 | Between $15,000 And $98,000 |
| Highest paying City | Los Angeles, CA | Baltimore, MD |
| Highest paying state | Alaska | New York |
| Best paying company | Uline | Jersey Shore State Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a collector and a loan services representative in terms of educational background:
| Collector | Loan Services Representative | |
| Most common degree | Bachelor's Degree, 31% | Bachelor's Degree, 47% |
| Most common major | Business | Business |
| Most common college | - | University of Pennsylvania |
Here are the differences between collectors' and loan services representatives' demographics:
| Collector | Loan Services Representative | |
| Average age | 46 | 42 |
| Gender ratio | Male, 36.0% Female, 64.0% | Male, 26.8% Female, 73.2% |
| 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, 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% |