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Become A Recovery Agent

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Working As A Recovery Agent

  • 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

  • $34,440

    Average Salary

What Does A Recovery Agent 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  • Track down consumers who have an out-of-date address by using the Internet, post office, credit bureaus, or neighbors—a process called “skip tracing”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 Recovery Agent

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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Recovery Agent jobs

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Recovery Agent Career Paths

Recovery Agent
Recovery Specialist Specialist Staff Accountant
Accounts Receivable Manager
6 Yearsyrs
Collector Accounts Receivable Specialist
Accounts Receivable Supervisor
5 Yearsyrs
Security Specialist Accountant
Administrative Manager
6 Yearsyrs
Recovery Specialist Billing Specialist
Billing Manager
7 Yearsyrs
Collector Collections Specialist Billing Specialist
Billing Supervisor
6 Yearsyrs
Private Investigator Loss Prevention Manager Office Manager
Business Office Manager
8 Yearsyrs
Collections Representative Billing Specialist Collector
Collection Supervisor
5 Yearsyrs
Heavy Equipment Operator General Manager Center Manager
Collections Manager
5 Yearsyrs
Account Manager Underwriter Senior Credit Analyst
Credit And Collection Manager
7 Yearsyrs
Collections Representative Collections Specialist Credit Analyst
Credit Manager
5 Yearsyrs
Heavy Equipment Operator Sales Consultant Regional Accounts Manager
Customer Account Manager
5 Yearsyrs
Security Home Health Aid Customer Care Representative
Customer Care Supervisor
5 Yearsyrs
Truck Driver Dispatcher Billing Specialist
Medical Billing Manager
6 Yearsyrs
Private Investigator Security Supervisor Emergency Medical Technician
Office Manager
5 Yearsyrs
Account Manager Realtor Accounts Receivable Specialist
Senior Accounts Receivable Specialist
7 Yearsyrs
Tow Truck Driver Dispatcher Billing Specialist
Senior Billing Specialist
7 Yearsyrs
Truck Driver Home Health Aid Customer Care Representative
Senior Representative
5 Yearsyrs
Sales Person Service Representative Patient Access Representative
Supervisor, Patient Access
7 Yearsyrs
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Recovery Agent Demographics

Gender

Male

65.7%

Female

33.3%

Unknown

1.0%
Ethnicity

White

79.0%

Hispanic or Latino

12.4%

Asian

6.7%

Unknown

1.4%

Black or African American

0.5%
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Languages Spoken

Spanish

56.6%

French

11.3%

Swahili

3.8%

German

3.8%

Kinyarwanda

3.8%

Russian

1.9%

Chinese

1.9%

Filipino

1.9%

Ukrainian

1.9%

Bambara

1.9%

Japanese

1.9%

Dakota

1.9%

Hmong

1.9%

Polish

1.9%

Arabic

1.9%

Lingala

1.9%
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Recovery Agent Education

Schools

University of Phoenix

19.1%

Saint Cloud State University

8.5%

Universal Technical Institute

5.3%

Camden County College

5.3%

Miami Dade College

5.3%

Broward College

5.3%

Erie Community College

4.3%

University of Southern Mississippi

4.3%

Walden University

4.3%

Manchester Community College

4.3%

Kaplan University

4.3%

Grand Canyon University

4.3%

Central Piedmont Community College

3.2%

Lansing Community College

3.2%

Trident Technical College

3.2%

Murray State University

3.2%

Florida State College at Jacksonville

3.2%

Boise State University

3.2%

Community College of the Air Force

3.2%

Dyersburg State Community College

3.2%
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Majors

Business

23.4%

Criminal Justice

22.3%

Finance

5.6%

General Studies

4.6%

Psychology

4.3%

Accounting

4.0%

Management

3.5%

Nursing

3.0%

Fire Science And Protection

2.7%

Computer Science

2.7%

Automotive Technology

2.7%

Liberal Arts

2.7%

Legal Support Services

2.7%

Health Care Administration

2.7%

Communication

2.4%

Law Enforcement

2.4%

Education

2.2%

Medical Assisting Services

2.2%

Information Technology

2.2%

Kinesiology

1.9%
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Degrees

Other

40.7%

Bachelors

24.3%

Associate

19.0%

Certificate

7.0%

Masters

4.6%

Diploma

2.2%

Doctorate

1.2%

License

1.0%
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Top Skills for A Recovery Agent

FugitiveRecoveryDebtCollectionCustomerServiceLocalLawEnforcementSurveillanceOutboundCallsDelinquentAccountsPaymentArrangementsBailBondsBankAssetsPaymentPlansFdcpaCommunicationSkillsTowTruckCourtDatesLawEnforcementAgenciesDataEntryConditionReportsPaymentOptionsPersonalProperty

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Top Recovery Agent Skills

  1. Fugitive Recovery
  2. Debt Collection
  3. Customer Service
You can check out examples of real life uses of top skills on resumes here:
  • Bail and fugitive recovery, serving court writs, and private security.
  • Follow federal and state laws dealing with debt collection practices.
  • Composed and distributed weekly reports and improved customer service by creating and coordinating interactive learning sessions.
  • Interacted with local law enforcement officials to guarantee legal and timely recovery.
  • Managed the surveillance of the statute of limitations on all ocean cargo claims.

Top Recovery Agent Employers