What does a Collections Specialist do?
Published 3 min read
A collections specialist is responsible for contacting customers who have outstanding debts and collecting payments. This may involve sending letters, making phone calls, and negotiating payment plans. The collections specialist must maintain accurate records of all communications and payments.
Collections Specialist job duties include:
- Locate and notify customers of delinquent accounts by telephone, email, or mail.
- Explain the reason for the delinquency and attempt to work out a payment plan.
- Receive and post payments to customer accounts.
- Keep records of customer account activity.
- Prepare reports on account status.
- Forward accounts to outside collection agencies.
- Negotiate settlements with customers.
- Process returned checks.
- Handle customer complaints.
Collections Specialist Job Requirements
A collections specialist is responsible for collecting payments on past due accounts. They work with customers to set up payment plans and arrange for payment of delinquent accounts. A collections specialist must have excellent communication and customer service skills. They must be able to work independently and be self-motivated. A high school diploma is required, and some employers may prefer candidates with some college coursework or a degree in business or accounting. Certification from the American Collectors Association is also preferred by some employers.
Collections Specialist Skills
- Analytical skills
- Attention to detail
- Communication skills
- Computer skills
- Flexibility
- Interpersonal skills
- Organizational skills
- Patience
- Persistence
- Problem-solving skills
- Research skills
- Time management skills
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How to become a Collections Specialist
A collections specialist is a professional who is responsible for collecting payments on behalf of a company or organization. This individual typically works in the accounts receivable department and is responsible for contacting customers who have outstanding balances. The collections specialist will work with the customer to establish a payment plan or negotiate a settlement. In some cases, the collections specialist may also be responsible for taking legal action against the customer.
There are a few different ways that one can become a collections specialist. Many companies require that candidates have at least a high school diploma or equivalent. Some companies may also require that candidates have experience working in customer service or collections. There are also a number of post-secondary education programs that offer training in collections and accounts receivable management.
The best way to become a collections specialist is to gain experience in the field. Many companies are willing to train individuals with little to no experience. There are also a number of online resources that provide training and information on becoming a collections specialist.
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