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What is a credit and collections analyst and how to become one
A credit and collection analyst assesses a person's or company's risk in terms of extending credit and collecting repayments. A credit and collection analyst has the role of reviewing a customer's financial history, financial statement, and any other information related to collecting a line of credit. They help coordinate collections calls and also work with customers to help repayments happen, create payment plans for outstanding debts, and assist in handling account discrepancies. The analysts also reach out to financial institutions and clients to collect documents necessary for the resolution process. Plus, he/she updates the clients' information on the database, analyzes the terms of service, and responds to their inquiries.
A credit and collection analyst must possess varieties of skills because of the work they do. These include the ability to work with both the borrower and the lender. They must also possess strong math skills and excellent people skills. Alongside these skills, you must be able to understand circumstances, read people, and demonstrate. The educational requirement is a minimum of a high school diploma, although getting a degree in accounting or mathematics is highly regarded and preferable. On average, a credit and collection analyst earns $45,275 a year.
Avg. Salary $49,262
Avg. Salary $59,228
Growth rate -8%
Growth rate 0.3%
American Indian and Alaska Native 0.48%
Asian 3.58%
Black or African American 12.01%
Hispanic or Latino 20.46%
Unknown 4.03%
White 59.43%
Genderfemale 70.02%
male 29.98%
Age - 46American Indian and Alaska Native 3.00%
Asian 7.00%
Black or African American 14.00%
Hispanic or Latino 19.00%
White 57.00%
Genderfemale 47.00%
male 53.00%
Age - 46Stress level is high
7.1 - high
Complexity level is intermediate
7 - challenging
Work life balance is good
6.4 - fair
Credit and collections analyst career paths
Key steps to become a credit and collections analyst
Explore credit and collections analyst education requirements
Start to develop specific credit and collections analyst skills
Skills Percentages Customer Service 17.62% Credit Limits 5.32% Past Due Accounts 4.82% Delinquent Accounts 4.36% Financial Statements 3.67% Complete relevant credit and collections analyst training and internships
Accountants spend an average of 1-3 months on post-employment, on-the-job training. New credit and collections analysts learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as a credit and collections analyst based on U.S. Bureau of Labor Statistics data and data from real credit and collections analyst resumes.Research credit and collections analyst duties and 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.
Prepare your credit and collections analyst resume
When your background is strong enough, you can start writing your credit and collections analyst resume.
You can use Zippia's AI resume builder to make the resume writing process easier while also making sure that you include key information that hiring managers expect to see on a credit and collections analyst resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.
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Apply for credit and collections analyst jobs
Now it's time to start searching for a credit and collections analyst job. Consider the tips below for a successful job search:
- Browse job boards for relevant postings
- Consult your professional network
- Reach out to companies you're interested in working for directly
- Watch out for job scams
How did you land your first credit and collections analyst job
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Average credit and collections analyst salary
The average credit and collections analyst salary in the United States is $49,262 per year or $24 per hour. Credit and collections analyst salaries range between $35,000 and $69,000 per year.
What am I worth?
How do credit and collections analysts rate their job?
Credit and collections analyst reviews
Investigating claims of denials and getting claims pain in a timely manner
Nothing
Resolving problems and the everyday challenge
Highly stressful, under-appreciated and other departments not recognizing the value of the AR department.
The job is self motivating and result oriented .
Its very demanding where by you have to closely monitor the portfolio every time and now to be able to report the right information .
Updated January 8, 2025
