What does a Collection Analyst do?
Published 3 min read
A Collection Analyst is responsible for analyzing and collecting data to support the decision-making process. They use their analytical skills to identify trends and patterns in data that can be used to improve the efficiency of collection processes. Collection Analysts work closely with other members of the collections team to ensure that data is accurate and complete.
Collection Analyst job duties include:
- Research and analyze customer payment history
- Contact customers with past due accounts and arrange for payment
- Maintain updated records of customer account status
- Prepare reports on account status
- Resolve customer complaints related to their accounts
- Analyze trends in customer payments
- Recommend changes to credit policies
- Manage the collection process for assigned accounts
- Perform skip tracing to locate customers with delinquent accounts
- Review legal documents for accuracy and compliance
Collection Analyst Job Requirements
A bachelor's degree is typically required for a Collection Analyst position, along with experience in the financial industry. Certification from the American Collectors Association (ACA) is also preferred. Collection Analysts must have strong communication and negotiation skills in order to effectively contact and collect payments from customers.
Collection Analyst Skills
- Analytical skills
- Proactive
- Attention to detail
- Communication skills
- Flexibility
- Organizational skills
- Planning and coordination
- Problem-solving skills
- Resourcefulness
- Time management
- Adaptability
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How to become a Collection Analyst
A collections analyst is a professional who works with businesses to help them recover money that is owed to them. This can involve working with customers who have delinquent accounts, negotiating payment plans, and even taking legal action when necessary. Becoming a collections analyst requires a combination of education and experience in the field of accounting or finance.
Those interested in becoming a collections analyst should first complete a degree in accounting or finance from an accredited university. During their studies, students should take courses that focus on business law and ethics, as well as accounting principles and practices. After graduation, individuals can begin their career by working as an intern or entry-level accountant at a collections agency.
With experience, collections analysts can eventually become managers or open their own agencies. Those who wish to advance their career may also consider pursuing certification through the American Collectors Association.
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