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Installment agent vs collections representative

The differences between installment agents and collections representatives can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-12 months to become both an installment agent and a collections representative. Additionally, a collections representative has an average salary of $34,015, which is higher than the $26,430 average annual salary of an installment agent.

The top three skills for an installment agent include customer service, windows and troubleshoot. The most important skills for a collections representative are payment arrangements, customer service, and delinquent accounts.

Installment agent vs collections representative overview

Installment AgentCollections Representative
Yearly salary$26,430$34,015
Hourly rate$12.71$16.35
Growth rate-8%-8%
Number of jobs26,46085,275
Job satisfaction--
Most common degreeBachelor's Degree, 41%High School Diploma, 33%
Average age4646
Years of experience1212

Installment agent vs collections representative salary

Installment agents and collections representatives have different pay scales, as shown below.

Installment AgentCollections Representative
Average salary$26,430$34,015
Salary rangeBetween $10,000 And $68,000Between $26,000 And $42,000
Highest paying City-San Ramon, CA
Highest paying state-California
Best paying company-University of California, Berkeley
Best paying industry-Finance

Differences between installment agent and collections representative education

There are a few differences between an installment agent and a collections representative in terms of educational background:

Installment AgentCollections Representative
Most common degreeBachelor's Degree, 41%High School Diploma, 33%
Most common majorBusinessBusiness
Most common college--

Installment agent vs collections representative demographics

Here are the differences between installment agents' and collections representatives' demographics:

Installment AgentCollections Representative
Average age4646
Gender ratioMale, 58.8% Female, 41.2%Male, 30.6% Female, 69.4%
Race ratioBlack or African American, 14.1% Unknown, 4.3% Hispanic or Latino, 18.6% Asian, 4.0% White, 58.5% American Indian and Alaska Native, 0.5%Black or African American, 12.2% Unknown, 3.9% Hispanic or Latino, 18.9% Asian, 3.4% White, 61.1% American Indian and Alaska Native, 0.5%
LGBT Percentage8%8%

Differences between installment agent and collections representative duties and responsibilities

Installment agent example responsibilities.

  • Answer eligibility and coverage questions from insurance agents pertaining to Medicare advantage plans and prescription drug plans.
  • Book reservations verify availability and reconfirm accommodations.
  • Upgrade, troubleshot, repair, and setup computers in store.
  • Identify & troubleshot in-home network issues, virus/spyware removal, perform PC installations & repairs.
  • Follow and maintain QA guidelines while documenting the customers questions with the appropriate escalations need.
  • Handle supervisor escalations and agent QA monitoring.
  • Show more

Collections representative example responsibilities.

  • Protect A/R assets by managing a portfolio of accounts to maximize gainful sales and reduce debt losses.
  • Maintain effective communication and utilize negotiation skills with internal and external customers to effect collections while maintaining customer good will.
  • Submit all reconsideration and appeals if need.
  • Conduct periodic data cleaning of queues balances deny with deny appeals.
  • Resolve valid or authorize NSF charges due to decline credit cards or ACH transactions.
  • Collect and count inventories, reconcile purchases and scan UPC's and inputting price information.
  • Show more

Installment agent vs collections representative skills

Common installment agent skills
  • Customer Service, 33%
  • Windows, 24%
  • Troubleshoot, 14%
  • Inbound Calls, 10%
  • Outbound Calls, 10%
  • Linux, 9%
Common collections representative skills
  • Payment Arrangements, 14%
  • Customer Service, 13%
  • Delinquent Accounts, 9%
  • Past Due Accounts, 6%
  • Customer Accounts, 4%
  • Debt Repayment, 4%

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