Credit and collections analyst vs debt collector

The differences between credit and collections analysts and debt collectors can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-12 months to become both a credit and collections analyst and a debt collector. Additionally, a credit and collections analyst has an average salary of $49,262, which is higher than the $33,865 average annual salary of a debt collector.

The top three skills for a credit and collections analyst include customer service, credit limits and past due accounts. The most important skills for a debt collector are customer service, outbound calls, and payment arrangements.

Credit and collections analyst vs debt collector overview

	Credit And Collections Analyst	Debt Collector
Yearly salary	$49,262	$33,865
Hourly rate	$23.68	$16.28
Growth rate	-8%	-8%
Number of jobs	18,105	23,385
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 52%	High School Diploma, 34%
Average age	46	46
Years of experience	12	12

What does a credit and collections analyst do?

A credit and collections analyst is responsible for evaluating clients' account statements and financial transactions, analyzing their credit scores, and creating payment plans for outstanding debts. Credit and collections analysts assist in handling account discrepancies and financial disputes, reaching out to financial institutions and clients to collect documents and necessary data for resolution processes. They also update the clients' information on the database, analyze the terms of service of contracts, and respond to the customers' inquiries and concerns regarding their account status.

What does a debt collector do?

Debt collectors are also known as collection agencies and are responsible for recovering past due debts. Most of them are hired by companies to collect debt either for a fee or a percentage of the total amount recovered. Also, some debt collectors buy delinquent debts at a discount and seek to collect the debt's full amount. They have many strategies to collect debts, including calling debtor's phones, sending letters, and even visiting them at their home. However, if debtors fail to pay their due, debt collectors can either update the debtor's credit report or sue them over debt. Once sued and debtors ignore court hearings and lose by default, results could either be garnishment on debtor'debtors' wages or levies on their bank.

Credit and collections analyst vs debt collector salary

Credit and collections analysts and debt collectors have different pay scales, as shown below.

	Credit And Collections Analyst	Debt Collector
Average salary	$49,262	$33,865
Salary range	Between $35,000 And $69,000	Between $26,000 And $43,000
Highest paying City	Bridgewater, NJ	San Francisco, CA
Highest paying state	Connecticut	California
Best paying company	Vishay	Mayor Ethan Berkowitz
Best paying industry	Finance	Construction

Differences between credit and collections analyst and debt collector education

There are a few differences between a credit and collections analyst and a debt collector in terms of educational background:

	Credit And Collections Analyst	Debt Collector
Most common degree	Bachelor's Degree, 52%	High School Diploma, 34%
Most common major	Business	Business
Most common college	-	-

Credit and collections analyst vs debt collector demographics

Here are the differences between credit and collections analysts' and debt collectors' demographics:

	Credit And Collections Analyst	Debt Collector
Average age	46	46
Gender ratio	Male, 30.0% Female, 70.0%	Male, 30.7% Female, 69.3%
Race ratio	Black or African American, 12.0% Unknown, 4.0% Hispanic or Latino, 20.5% Asian, 3.6% White, 59.4% American Indian and Alaska Native, 0.5%	Black or African American, 12.2% Unknown, 4.0% Hispanic or Latino, 20.0% Asian, 3.4% White, 59.9% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between credit and collections analyst and debt collector duties and responsibilities

Credit and collections analyst example responsibilities.

Represent and lead the collections' team during executive management weekly conference calls providing updates on the delinquent A/R reports.
Identify and submit financial adjustments using SOX controls and GAAP accounting principles, increasing monthly AR collection.
Develop and maintain detailed spreadsheets on all UCC activity for the branch for tracking purposes and follow-up.
Establish the UCC filing template and liaise with agent bank to get UCC filing in due time.
Oversee the DSO level and negotiate account settlements, payment plans, and attend small claims court for small businesses.
Attend regular credit meetings with order management, sales, treasury, and revenue recognition groups to resolve business issues.

Debt collector example responsibilities.

Prevent impeding loss and increasing profitability through negotiation and enforcement of schedule collection campaigns, consistently achieving high success standards.
Work with FHA, obama programs at the time.
Educate customers on ways to get medical assistance such as Medicaid, Medicare etc.
Prevent foreclosure by putting people on repayment plans, submitting requests for modifications, or deed in lieu.
File Medicaid, Medicare and commercial claims consisting of PPO discounts, nurse practitioner discounts, humanitarian discounts, etc.
Maintain security and confidentiality of company and client information, following FDCPA regulations.

Credit and collections analyst vs debt collector skills

Common credit and collections analyst skills

Customer Service, 18%
Credit Limits, 5%
Past Due Accounts, 5%
Delinquent Accounts, 4%
Financial Statements, 4%
Credit Card Payments, 3%

Common debt collector skills

Customer Service, 9%
Outbound Calls, 9%
Payment Arrangements, 8%
Delinquent Accounts, 8%
Credit Card Payments, 6%
FDCPA, 5%

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Credit And Collections Analyst
Credit And Collections Analyst vs Debt Collector

Updated January 8, 2025

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