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Become A Credit And Collections Analyst

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Working As A Credit And Collections Analyst

  • Getting Information
  • Interacting With Computers
  • Communicating with Supervisors, Peers, or Subordinates
  • Documenting/Recording Information
  • Communicating with Persons Outside Organization
  • Deal with People

  • Unpleasant/Angry People

  • Mostly Sitting

  • Repetitive

  • $50,000

    Average Salary

What Does A Credit And Collections Analyst Do

Bill and account collectors try to recover payment on overdue bills. They negotiate repayment plans with debtors and help them find solutions to make paying their overdue bills easier.

Duties

Bill and account collectors typically do the following:

  • Find consumers and businesses who have overdue bills
  • Track down consumers who have an out-of-date address by using the Internet, post office, credit bureaus, or neighbors—a process called “skip tracing”
  • Inform debtors that they have an overdue bill and try to negotiate a payment
  • Explain the terms of sale or contract with the debtor, when necessary
  • Learn the reasons for the overdue bills, which can help with the negotiations
  • Offer credit advice or refer a consumer to a debt counselor, when appropriate

Bill and account collectors generally contact debtors by phone, although sometimes they do so by mail. They use computer systems to update contact information and record past collection attempts with a particular debtor. Keeping these records can help collectors with future negotiations.

The main job of bill and account collectors is finding a solution that is acceptable to the debtor and maximizes payment to the creditor. Listening to the debtor and paying attention to his or her concerns can help the collector negotiate a solution.

After the collector and debtor agree on a repayment plan, the collector continually checks to ensure that the debtor pays on time. If the debtor does not pay, the collector submits a statement to the creditor, who can take legal action. In extreme cases, this legal action may include taking back goods or disconnecting service.

Collectors must follow federal and state laws that govern debt collection. These laws require that collectors make sure they are talking with the debtor before announcing that the purpose of the call is to collect a debt. A collector also must give a statement, called “mini-Miranda,” which informs the account holder that they are speaking with a bill or debt collector.

Although many collectors work for third-party collection agencies, some work in-house for the original creditor, such as a credit-card company or a health care provider. The day-to-day activities of in-house collectors are generally the same as those of other collectors.

Collectors usually have goals they are expected to meet. Typically, these include calls per hour and success rates.

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How To Become A Credit And Collections Analyst

Collectors usually must have a high school diploma. A few months of on-the-job training is common.

Education

Most bill and account collectors are required to have a high school diploma, although some employers prefer applicants who have taken some college courses. Communication, accounting, and basic computer courses are examples of classes that are helpful for entering this occupation.

Training

Collectors usually get 1 to 3 months of on-the-job training after being hired. Training includes learning the company’s policies and computer software and learning the laws for debt collection in the Fair Debt Collection Practices Act, as well as their state’s debt-collection regulations. Collectors also may be trained in negotiation techniques.

Important Qualities

Listening skills. Collectors must pay attention to what debtors say when trying to negotiate a repayment plan. Learning the particular situation of the debtors and how they fell into debt can help collectors suggest solutions.

Negotiating skills. The main aspects of a collector’s job are reconciling the differences between two parties (the debtor and the creditor) and offering a solution that is acceptable to both parties.

Speaking skills. Collectors must be able to speak to debtors to explain their choices and ensure that they fully understand what is being said.

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Credit And Collections Analyst Career Paths

Credit And Collections Analyst
Credit Analyst Finance Analyst Senior Finance Analyst
Finance Manager
7 Yearsyrs
Credit Analyst Finance Analyst Senior Accountant
Accounting Manager
7 Yearsyrs
Credit Analyst Finance Analyst Accounting Manager
Assistant Controller
6 Yearsyrs
Credit And Collection Manager Accounts Receivable Manager Accounting Manager
Finance Controller
9 Yearsyrs
Credit And Collection Manager Accounts Receivable Manager Operations Manager
Manager, Assistant Vice President
7 Yearsyrs
Office Manager Account Manager
Relationship Manager
6 Yearsyrs
Office Manager Property Manager
Portfolio Manager
7 Yearsyrs
Office Manager Billing Manager
Business Office Manager
7 Yearsyrs
Credit Manager Collections Manager
Credit And Collection Manager
7 Yearsyrs
Credit Manager Credit And Collection Manager
Accounts Receivable Manager
6 Yearsyrs
Credit Manager Sales Manager Team Manager
Call Center Manager
6 Yearsyrs
Senior Credit Analyst Senior Finance Analyst Accounting Supervisor
Accounts Payable Manager
7 Yearsyrs
Collection Analyst Analyst Senior Accountant
Accountant And Office Manager
6 Yearsyrs
Collection Analyst Analyst Customer Service Manager
Collections Manager
5 Yearsyrs
Collection Analyst Analyst Underwriter
Credit Manager
5 Yearsyrs
Senior Credit Analyst Account Manager Property Manager
Office Manager Of Human Resources
6 Yearsyrs
Assistant Manager Assistant Branch Manager Banking Center Manager
Client Manager
6 Yearsyrs
Accounts Receivable Supervisor
5 Yearsyrs
Senior Collector
Senior Collection Specialist
5 Yearsyrs
Senior Collection Specialist Senior Credit And Collections Analyst
Senior Accounts Receivable Analyst
7 Yearsyrs
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Do you work as a Credit And Collections Analyst?

Help others decide if this is a good career for them

Average Length of Employment
Collection Analyst 2.9 years
Credit Analyst 2.9 years
Credit Assistant 2.8 years
Top Careers Before Credit And Collections Analyst
Collector 3.5%
Cashier 3.3%
Top Careers After Credit And Collections Analyst
Cashier 3.3%
Collector 3.1%

Do you work as a Credit And Collections Analyst?

Credit And Collections Analyst Demographics

Gender

Female

63.6%

Male

26.9%

Unknown

9.5%
Ethnicity

White

60.7%

Hispanic or Latino

18.6%

Black or African American

11.5%

Asian

6.0%

Unknown

3.2%
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Foreign Languages Spoken

Spanish

66.9%

French

8.3%

German

3.4%

Portuguese

2.8%

Mandarin

2.1%

Turkish

2.1%

Russian

2.1%

Korean

1.4%

Cantonese

1.4%

Chinese

1.4%

Polish

1.4%

Arabic

1.4%

Swedish

0.7%

Vietnamese

0.7%

Hindi

0.7%

Bosnian

0.7%

Armenian

0.7%

Thai

0.7%

Croatian

0.7%

Kurdish

0.7%
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Credit And Collections Analyst Education

Schools

University of Phoenix

34.0%

Ashford University

8.0%

Strayer University

5.7%

San Jose State University

4.4%

Kaplan University

4.4%

American InterContinental University

3.7%

Northeastern University

3.7%

Webster University

3.4%

Southern New Hampshire University

3.4%

Indiana Wesleyan University

3.4%

Houston Community College

3.0%

Montclair State University

3.0%

Miami Dade College

2.8%

University of Houston

2.8%

Central Connecticut State University

2.8%

New Jersey City University

2.3%

University of North Carolina at Greensboro

2.3%

University of Cincinnati

2.3%

University of Maryland - University College

2.3%

Colorado Technical University

2.3%
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Majors

Business

38.9%

Accounting

22.4%

Finance

7.2%

Management

3.4%

Psychology

2.8%

Health Care Administration

2.5%

Criminal Justice

2.4%

Communication

2.4%

Marketing

2.1%

General Studies

1.9%

Human Resources Management

1.9%

Education

1.7%

Computer Science

1.5%

Liberal Arts

1.5%

Economics

1.4%

Medical Assisting Services

1.3%

Computer Information Systems

1.3%

Legal Support Services

1.1%

English

1.0%

Information Technology

1.0%
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Degrees

Bachelors

38.5%

Other

28.3%

Associate

15.3%

Masters

10.6%

Certificate

5.0%

Diploma

1.6%

License

0.4%

Doctorate

0.3%
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Job type you want
Full Time
Part Time
Internship
Temporary
Average Yearly Salary
$50,000
View Detailed Salary Report
$32,000
Min 10%
$50,000
Median 50%
$50,000
Median 50%
$50,000
Median 50%
$50,000
Median 50%
$50,000
Median 50%
$50,000
Median 50%
$50,000
Median 50%
$79,000
Max 90%
Best Paying Company
Sonepar Management US
Highest Paying City
Bridgewater, NJ
Highest Paying State
New Jersey
Avg Experience Level
3.5 years
How much does a Credit And Collections Analyst make at top companies?
The national average salary for a Credit And Collections Analyst in the United States is $50,565 per year or $24 per hour. Those in the bottom 10 percent make under $32,000 a year, and the top 10 percent make over $79,000.

Real Credit And Collections Analyst Salaries

Job Title Company Location Start Date Salary
Credit & Collections Analyst Aviance Hair Corporation Carlstadt, NJ Feb 12, 2015 $90,522
Business Credit and Collections Analyst Ramsca, Inc. Homestead, FL Jul 30, 2015 $49,045
Credit and Collections Analyst New Century Financial, Inc. The Woodlands, TX Sep 06, 2014 $46,000
Business Credit and Collections Analyst Printex Corp. Coral Springs, FL Sep 11, 2014 $45,914
Business Credit and Collections Analyst Ramsca, Inc. Homestead, FL Aug 01, 2012 $42,784
Credit and Collection Analyst Dresser-Rand Company Houston, TX Oct 01, 2009 $42,000

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Top Skills for A Credit And Collections Analyst

  1. Customer Service
  2. Payment Arrangements
  3. Financial Statements
You can check out examples of real life uses of top skills on resumes here:
  • Trained employees in credit/collection procedures for customer service and accounts receivable departments.
  • Established client payment limitations by establishing special payment arrangements and deviations from standard terms of payment.
  • Conducted annual review of customer s financial statements/tax returns and evaluated for adjustments to credit limit.
  • Create statements of accounts for each customer that is 1 or more days past due using Oracle.
  • Reviewed aged trial balance to determine delinquent accounts and prepared collection letters to bring accounts current within established guidelines.

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