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Become A Senior Credit And Collections Analyst

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Working As A Senior Credit And Collections Analyst

  • 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

  • $76,987

    Average Salary

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  • Track down consumers who have an out-of-date address by using the Internet, post office, credit bureaus, or neighbors—a process called “skip tracing”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

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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Senior Credit And Collections Analyst Demographics

Gender

Female

64.8%

Male

33.3%

Unknown

1.9%
Ethnicity

White

59.1%

Hispanic or Latino

19.8%

Black or African American

9.6%

Asian

7.9%

Unknown

3.6%
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Foreign Languages Spoken

Spanish

66.7%

Portuguese

13.3%

French

13.3%

Vietnamese

6.7%
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Senior Credit And Collections Analyst Education

Schools

University of Phoenix

18.8%

San Jose State University

10.4%

Nichols College

6.3%

Kaplan University

6.3%

Northeastern University

6.3%

Southern Methodist University

4.2%

Franklin University

4.2%

Sonoma State University

4.2%

Strayer University

4.2%

Golden Gate University-San Francisco

4.2%

Bellevue University

4.2%

Tennessee State University

4.2%

Montclair State University

4.2%

Ashford University

4.2%

Montgomery College

4.2%

University of Southern Maine

2.1%

University of Connecticut

2.1%

Washington State University

2.1%

Moraine Valley Community College

2.1%

De Anza College

2.1%
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Majors

Business

43.6%

Accounting

16.1%

Finance

6.7%

Management

4.7%

Political Science

2.7%

Marketing

2.7%

Criminal Justice

2.7%

Legal Support Services

2.7%

Legal Research And Advanced Professional Studies

2.0%

Computer Science

2.0%

Communication

2.0%

Psychology

1.3%

General Education, Specific Areas

1.3%

Mathematics

1.3%

Elementary Education

1.3%

Human Resources Management

1.3%

Economics

1.3%

Computer Networking

1.3%

Human Services

1.3%

Computer Information Systems

1.3%
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Degrees

Bachelors

40.5%

Other

33.5%

Associate

11.0%

Masters

10.4%

Certificate

3.5%

License

0.6%

Diploma

0.6%
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Top Skills for A Senior Credit And Collections Analyst

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  1. New Accounts
  2. Financial Statements
  3. Debt
You can check out examples of real life uses of top skills on resumes here:
  • Established and setup new accounts using references, financial statements and D&B reports.
  • Evaluate Financial Statements and Analyze Credit References to determine credit worthiness.
  • Prepared bad debt analysis and forecasting calculations.
  • Collaborated with internal departments and management to eliminate problems on large accounts reducing receivables and DSO.
  • Contacted and collected on pass due accounts, setting up some type of payment arrangements.

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Top Senior Credit And Collections Analyst Employers

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