Bill and Account Collectors: Salary, career path, job outlook, education and more
- Education Required
- Most bill and account collectors are required to have a high school diploma, although some employers prefer applicants who have taken some college courses. Communications, accounting, and basic computer courses are examples of classes that are helpful for entering this occupation.
- Training Required
- Collectors usually receive on-the-job training after being hired. Training includes learning how to use computer software, and instruction on federal debt-collection laws (in the Fair Debt Collection Practices Act) and state debt-collection regulations. Collectors also may be trained in negotiation techniques.
- Job Outlook
-
The projected percent change in employment from 2016 to 2026: -3% (Decline)
(The average growth rate for all occupations is 7 percent.) - Median pay: How much do Bill and Account Collectors make?
- $35,350 Annual Salary
- $17.00 per hour
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.
What do Bill and Account Collectors do?
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- Track down consumers who have an out-of-date address by using the Internet, post office, credit bureaus, or neighborsa process called skip tracing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 regularly 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.
Collectors usually have goals they are expected to meet. Typically, these include calls per hour and success rates.
Careers for Bill and Account Collectors
- Accounts collectors
- Bill collectors
- Billing representatives
- Collections agents
- Collections clerks
- Collections representatives
- Debt collectors
- Installment agents
- Installment loan collectors
- Insurance collectors
- Payment collectors
- Repossessors