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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

  • $34,440

    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  • Track down consumers who have an out-of-date address by using the Internet, post office, credit bureaus, or neighbors—a process called “skip tracing”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 jobs

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Credit And Collections Analyst Career Paths

Credit And Collections Analyst
Collections Specialist Billing Specialist Specialist
Account Manager
5 Yearsyrs
Accountant Business Manager Account Coordinator
Account Supervisor
5 Yearsyrs
Collections Specialist Accounts Receivable Specialist
Accounts Receivable Manager
6 Yearsyrs
Senior Credit Analyst Credit Manager Office Manager
Administrative Manager
6 Yearsyrs
Accounts Receivable Analyst Accountant Account Manager
Business Development Manager
9 Yearsyrs
Account Manager Human Resources Coordinator Business Office Manager
Business Office Director
8 Yearsyrs
Credit And Collection Manager Accounts Receivable Manager Office Manager
Business Office Manager
8 Yearsyrs
Collection Analyst Senior Credit Analyst Credit Manager
Collection Supervisor
5 Yearsyrs
Account Manager Billing Specialist Collector
Collections Manager
5 Yearsyrs
Analyst Underwriter Senior Credit Analyst
Credit And Collection Manager
7 Yearsyrs
Collection Analyst Accounts Receivable Analyst Accounts Receivable Supervisor
Credit Manager
5 Yearsyrs
Credit Representative Customer Care Representative Customer Account Representative
Customer Account Manager
5 Yearsyrs
Credit And Collection Manager Accounts Receivable Specialist Accounts Receivable Manager
Office Manager
5 Yearsyrs
Senior Credit Analyst Assistant Vice President Human Resources Coordinator
Office Manager Of Human Resources
6 Yearsyrs
Finance Analyst Senior Consultant Manager
Owner/Manager
6 Yearsyrs
Credit Manager Branch Manager Account Executive
Relationship Manager
6 Yearsyrs
Accounts Receivable Analyst Finance Analyst Finance Manager
Sales Manager
5 Yearsyrs
Analyst Finance Manager Accounts Receivable Specialist
Senior Accounts Receivable Specialist
7 Yearsyrs
Finance Analyst Account Manager Billing Specialist
Senior Billing Specialist
7 Yearsyrs
Credit Manager Office Manager Sales Consultant
Territory Manager
7 Yearsyrs
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Average Length of Employment
Credit Clerk 3.1 years
Credit Analyst 2.8 years
Credit Assistant 2.7 years
Collection Analyst 2.7 years
Top Employers Before
Collector 2.6%
Top Employers After
Collector 2.4%

Credit And Collections Analyst Demographics

Gender

Female

71.5%

Male

26.9%

Unknown

1.7%
Ethnicity

White

78.5%

Hispanic or Latino

13.8%

Asian

5.9%

Unknown

1.1%

Black or African American

0.7%
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Languages Spoken

Spanish

65.3%

French

10.5%

German

5.3%

Turkish

3.2%

Mandarin

2.1%

Russian

2.1%

Swedish

1.1%

Chinese

1.1%

Dakota

1.1%

Cantonese

1.1%

Armenian

1.1%

Hindi

1.1%

Urdu

1.1%

Polish

1.1%

Thai

1.1%

Italian

1.1%

Korean

1.1%
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Credit And Collections Analyst Education

Schools

University of Phoenix

30.8%

Southern New Hampshire University

6.3%

Ashford University

5.8%

Strayer University

5.3%

Central Connecticut State University

4.8%

Northeastern University

4.3%

San Jose State University

3.8%

University of Houston

3.8%

Kean University

3.4%

Webster University

3.4%

Montclair State University

3.4%

Liberty University

3.4%

Kaplan University

3.4%

University of North Carolina at Greensboro

2.9%

Houston Community College

2.9%

Hofstra University

2.9%

Franklin University

2.4%

Glendale Community College

2.4%

University of Massachusetts - Lowell

2.4%

Eastern Michigan University

2.4%
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Majors

Business

40.9%

Accounting

21.0%

Finance

6.2%

Management

3.6%

Psychology

3.3%

Criminal Justice

2.7%

Health Care Administration

2.6%

Communication

2.3%

General Studies

2.0%

Marketing

1.8%

Human Resources Management

1.7%

Education

1.6%

Computer Information Systems

1.6%

Computer Science

1.5%

Liberal Arts

1.5%

Economics

1.5%

Information Technology

1.2%

Legal Support Services

1.1%

Political Science

1.1%

English

1.0%
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Degrees

Bachelors

39.1%

Other

29.0%

Associate

12.4%

Masters

11.1%

Certificate

5.9%

Diploma

1.7%

License

0.5%

Doctorate

0.3%
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Job type you want
Full Time
Part Time
Internship
Temporary

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

FinancialStatementsCustomerServiceReceivablePortfolioDebtAccountsReceivablesCreditCardPaymentsDelinquentAccountsCustomerAccountsPastDueAccountsDSOCreditApplicationsCollectionCallsBradstreetCreditWorthinessPaymentPlansAccountReconciliationCreditReportsNewAccountsCreditHoldPaymentArrangements

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Top Credit And Collections Analyst Skills

  1. Financial Statements
  2. Customer Service
  3. Receivable Portfolio
You can check out examples of real life uses of top skills on resumes here:
  • Review company reports and analyze financial statements to develop an understanding of company.
  • Trained employees in credit/collection procedures for customer service and accounts receivable departments.
  • Collect on Accounts Receivable Portfolio of 150-200 accounts which are over 61+ days past due on a monthly basis.
  • Worked out payment plans for customers that helped eliminate charge off debt.
  • Conducted collection calls and customer visits to collect Accounts Receivables.

Top Credit And Collections Analyst Employers