Installment loan collector vs senior collector

The differences between installment loan collectors and senior collectors 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 loan collector and a senior collector. Additionally, a senior collector has an average salary of $85,626, which is higher than the $36,109 average annual salary of an installment loan collector.

The top three skills for an installment loan collector include customer service, and . The most important skills for a senior collector are customer service, payment arrangements, and past due accounts.

Installment loan collector vs senior collector overview

	Installment Loan Collector	Senior Collector
Yearly salary	$36,109	$85,626
Hourly rate	$17.36	$41.17
Growth rate	-8%	-8%
Number of jobs	11,966	5,614
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 31%	Bachelor's Degree, 41%
Average age	46	46
Years of experience	12	12

Installment loan collector vs senior collector salary

Installment loan collectors and senior collectors have different pay scales, as shown below.

	Installment Loan Collector	Senior Collector
Average salary	$36,109	$85,626
Salary range	Between $27,000 And $48,000	Between $50,000 And $145,000
Highest paying City	-	-
Highest paying state	-	-
Best paying company	-	-
Best paying industry	-	-

Differences between installment loan collector and senior collector education

There are a few differences between an installment loan collector and a senior collector in terms of educational background:

	Installment Loan Collector	Senior Collector
Most common degree	Bachelor's Degree, 31%	Bachelor's Degree, 41%
Most common major	Business	Business
Most common college	-	-

Installment loan collector vs senior collector demographics

Here are the differences between installment loan collectors' and senior collectors' demographics:

	Installment Loan Collector	Senior Collector
Average age	46	46
Gender ratio	Male, 52.7% Female, 47.3%	Male, 40.1% Female, 59.9%
Race ratio	Black or African American, 8.4% Unknown, 3.8% Hispanic or Latino, 18.1% Asian, 3.7% White, 65.5% American Indian and Alaska Native, 0.5%	Black or African American, 13.4% Unknown, 4.1% Hispanic or Latino, 20.9% Asian, 3.7% White, 57.4% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between installment loan collector and senior collector duties and responsibilities

Installment loan collector example responsibilities.

Monitor all assign accounts by reviewing the client's aging, manage all potential bad debit, DSO, aging.
Review and verify insurance, Medicare and/or Medicaid accounts against third party billing program provisions and procedures.
Secure modification documents including HAMP and bank require documents.

Senior collector example responsibilities.

Accomplish the above in compliance with HIPAA regulations.
Manage re-billings for third party accounts including: commercial carriers, manage care, PPO, POS and HMO organizations.
Record CPT codes and ICD-9 codes on billing forms.
Develop and pursue collection strategies to reduce the DSO.
Process credit cards, purchase cards, ACH payments.
Used the Medicaid web portal to check claim status and eligibility.

Installment loan collector vs senior collector skills

Common installment loan collector skills

Customer Service, 100%

Common senior collector skills

Customer Service, 16%
Payment Arrangements, 13%
Past Due Accounts, 6%
Debt Repayment, 5%
Loss Mitigation, 5%
FDCPA, 4%

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Office and Administrative Industry
Installment Loan Collector
Installment Loan Collector vs Senior Collector

Updated January 8, 2025

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