What does a Recovery Agent do?

A loss mitigation specialist is responsible for evaluating outstanding debts, assisting the mortgage owner on minimizing losses by reviewing potential risks before settling a mutual agreement for the debtor and the bank. Loss mitigation specialists analyze financial documents and account statements, determining the property value, and assess the debtor's credit ratings. They also negotiate on payment plans, ensuring that the debtor understands the terms and conditions to prevent further financial damage. A loss mitigation specialist must have excellent knowledge of the financial industry, including banking products and services.

These skill sets are where the common ground ends though. The responsibilities of a recovery agent are more likely to require skills like "debt collection," "outbound calls," "tow truck," and "financial institutions." On the other hand, a job as a loss mitigation specialist requires skills like "customer service," "loan modifications," "foreclosure process," and "loss mitigation options." As you can see, what employees do in each career varies considerably.

An account specialist is responsible for reaching out to customers or potential clients through calls, emails, and other forms of correspondence to secure sales and strengthen business relations. An account specialist may also perform other tasks such as arranging appointment schedules with clients, providing price quotes and responding to further inquiries, process orders, generating sales leads, and handling complaints and resolving issues. Furthermore, an account specialist may also be involved in developing strategies, finding new opportunities, producing and completing necessary documents, and preparing reports, all in adherence to the company's policies and regulations.

While some skills are similar in these professions, other skills aren't so similar. For example, resumes show us that recovery agent responsibilities requires skills like "debt collection," "tow truck," "financial institutions," and "local law enforcement." But a student loan collector might use other skills in their typical duties, such as, "student loan accounts," "customer service," "past due loans," and "federal regulations."

An assistant account executive is responsible for managing customer accounts, under the supervision of an account executive. Assistant account executives develop processes and techniques to execute projects based on clients' specifications. They assist account executives with clients' presentations for project updates and status reports. They also manage client requests to increase brand awareness, including maximizing sales strategies and resources and advertising promotions within the budget goals. They must have excellent communication and critical-thinking skills, especially when managing the clients' expectations and marketing the clients' brands to all available platforms for customers' recognition.

The required skills of the two careers differ considerably. For example, recovery agents are more likely to have skills like "debt collection," "tow truck," "financial institutions," and "credit card." But a account specialist is more likely to have skills like "customer service," "patients," "powerpoint," and "data entry."

Even though a few skill sets overlap between recovery agents and assistant account executives, there are some differences that are important to note. For one, a recovery agent might have more use for skills like "debt collection," "inbound calls," "outbound calls," and "tow truck." Meanwhile, some responsibilities of assistant account executives require skills like "customer service," "press releases," "powerpoint," and "account executives. "