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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

  • $76,987

    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  • Track down consumers who have an out-of-date address by using the Internet, post office, credit bureaus, or neighbors—a process called “skip tracing”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 Accounts Receivable Specialist Staff Accountant
Accounting Manager
8 Yearsyrs
Senior Credit Analyst Credit And Collection Manager
Accounts Receivable Manager
6 Yearsyrs
Finance Analyst Tax Preparer Accounts Receivable Specialist
Accounts Receivable Supervisor
5 Yearsyrs
Credit And Collection Manager Accounts Receivable Manager Bookkeeper
Business Office Manager
8 Yearsyrs
Account Manager Client Services Manager Client Manager
Client Account Manager
6 Yearsyrs
Operations Specialist Loan Specialist Senior Loan Processor
Client Relations Manager
6 Yearsyrs
Senior Credit Analyst Credit Manager
Collections Manager
5 Yearsyrs
Credit Analyst Credit Manager
Credit And Collection Manager
7 Yearsyrs
Collection Analyst Accounts Receivable Analyst Accounts Receivable Supervisor
Credit Manager
5 Yearsyrs
Credit Manager Office Manager
Office Manager Of Human Resources
7 Yearsyrs
Credit And Collection Manager Office Manager
Practice Manager
9 Yearsyrs
Accounts Receivable Analyst Finance Analyst Account Manager
Regional Accounts Manager
8 Yearsyrs
Credit Manager Branch Manager Account Executive
Relationship Manager
6 Yearsyrs
Collections Specialist Specialist Account Manager
Sales Account Manager
6 Yearsyrs
Accounts Receivable Analyst Accountant Account Manager
Senior Account Manager
7 Yearsyrs
Collection Analyst Collections Manager Accounts Receivable Specialist
Senior Accounts Receivable Specialist
7 Yearsyrs
Billing Specialist Collections Specialist
Senior Collection Specialist
5 Yearsyrs
Senior Credit And Collections Analyst
7 Yearsyrs
Credit Analyst Finance Analyst Assistant Vice President
Vice President And Manager
10 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
Credit Clerk 3.1 years
Collection Analyst 2.7 years
Top Employers Before
Collector 3.5%
Teller 3.1%
Top Employers After
Collector 3.4%

Do you work as a Credit And Collections Analyst?

Credit And Collections Analyst Demographics

Gender

Female

70.8%

Male

27.7%

Unknown

1.6%
Ethnicity

White

61.1%

Hispanic or Latino

18.3%

Black or African American

11.3%

Asian

6.2%

Unknown

3.1%
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Foreign Languages Spoken

Spanish

62.4%

French

11.1%

German

4.3%

Portuguese

2.6%

Turkish

2.6%

Mandarin

2.6%

Chinese

1.7%

Arabic

1.7%

Russian

1.7%

Swedish

0.9%

Kurdish

0.9%

Dakota

0.9%

Cantonese

0.9%

Armenian

0.9%

Urdu

0.9%

Hindi

0.9%

Polish

0.9%

Thai

0.9%

Italian

0.9%

Korean

0.9%
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Credit And Collections Analyst Education

Schools

University of Phoenix

31.3%

Ashford University

8.8%

Southern New Hampshire University

5.4%

Strayer University

4.6%

Central Connecticut State University

4.2%

Kaplan University

4.2%

Webster University

3.8%

Northeastern University

3.8%

San Jose State University

3.3%

University of Houston

3.3%

Montclair State University

3.3%

University of North Carolina at Greensboro

2.9%

Houston Community College

2.9%

Liberty University

2.9%

American InterContinental University

2.9%

Kean University

2.5%

University of Massachusetts - Lowell

2.5%

DePaul University

2.5%

Clinton Community College

2.5%

Hofstra University

2.5%
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Majors

Business

40.2%

Accounting

21.2%

Finance

6.8%

Management

3.5%

Psychology

3.0%

Criminal Justice

2.9%

Communication

2.5%

Health Care Administration

2.5%

General Studies

1.8%

Education

1.8%

Human Resources Management

1.7%

Computer Science

1.7%

Marketing

1.7%

Computer Information Systems

1.5%

Liberal Arts

1.4%

Economics

1.4%

Information Technology

1.2%

Legal Support Services

1.1%

Political Science

1.1%

Real Estate

1.0%
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Degrees

Bachelors

38.4%

Other

29.3%

Associate

12.7%

Masters

11.5%

Certificate

5.7%

Diploma

1.6%

License

0.5%

Doctorate

0.2%
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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

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  1. Accounts Receivables
  2. Financial Statements
  3. Days Past
You can check out examples of real life uses of top skills on resumes here:
  • Performed various collections activities in support of outstanding accounts receivables.
  • Minimized bad debt through implementation of department credit policy; evaluated financial statements and customers payment history.
  • Handle approximately 2,000 accounts with a $3M average monthly A/R balance to reduce 120+ days past due by 2%.
  • Reconciled customer disputes and resolved A/R related issues with customer service oriented mindset.
  • Assist the Credit Manager with the establishment of new accounts, collection of past due accounts and maintenance of credit files.

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Top Credit And Collections Analyst Employers

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