What does a Debt Collector do?
Published 3 min read
A debt collector is a professional who collects payments on behalf of another party. Debt collectors typically work for banks, credit card companies, and other businesses that extend credit to consumers.
Debt Collector job duties include:
- Locate and contact debtors to arrange for repayment
- Negotiate repayment plans
- Investigate and verify debtor information
- Keep accurate records of debt collection activity
- Comply with state and federal collection laws
- Understand and adhere to ethical guidelines for debt collectors
- Send written notices to debtors
- Make phone calls to debtors
- Perform skip tracing to locate debtors
Debt Collector Job Requirements
Most debt collectors have at least a high school diploma, although some jobs may require postsecondary education, and most employers provide on-the-job training. Some states require debt collectors to be licensed. No specific certification is required, but the Certified Credit and Collection Executive (CCCE) credential offered by the Institute of Consumer Financial Education is becoming increasingly common. To earn this credential, candidates must have at least five years of experience in the field and pass an exam.
Debt Collector Skills
- Skip tracing
- Ability to work independently
- Strong communication skills
- Organizational skills
- Customer service skills
- Negotiation skills
- Persistence
- Patience
- Thick skin
- Creativity
- Problem solving skills
- Time management skills
Related: Top Debt Collector Skills: Definition and Examples
How to become a Debt Collector
Debt collectors are people who work for companies that collect money owed by individuals or businesses. They may work for banks, credit card companies, utility companies, or other businesses. Most debt collectors work on a commission basis, which means they earn a percentage of the money they collect.
To become a debt collector, you will need to have good communication and negotiation skills. You must be able to remain calm and professional when dealing with people who are behind on their payments. It is also important to have good organizational skills so that you can keep track of the accounts you are working on.
If you are interested in becoming a debt collector, you should contact some of the companies that you would like to work for and inquire about job openings. You may also want to consider completing a training program offered by one of the professional organizations for debt collectors.
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