Collection Jobs - What Are They and How to Get One

By ZipRecruiter Marketplace Research Team

The main types of collection jobs are collection agents, investigators, and their superiors. The collections industry deals with consumers who have taken on debt and fallen behind on bills or stopped making payments altogether. In this field, you may attempt to collect credit card debt, student loans, and other types of debt as specified by the original creditor. Many debt collection companies buy debts for a fraction of the original amount. Your job duties in the field are to collect or settle the debt with a customer. An investigator helps determine whether the debt is legitimate and whether a customer is capable of making proper payments.

Collection agents work in an office setting, though some can telecommute. Agents are employees of a variety of creditors and lenders who are attempting to recover delinquent debt. Generally, debt collection agencies are third-party organizations, but some large companies have a division responsible for collecting debts. The environment of a debt collection agency is that of a call center. Most communication with debtors occurs over the phone.

As a collection agent, your job is to contact debtors and attempt to negotiate a payment plan or settlement for loans overdue or delinquent accounts. You have to follow all policies and procedures that allow you to collect the debt legally. Therefore, knowing what is permissible under the Fair Debt Collection Practices Act is vital to your job performance. It’s important to be able to empathize with debtors while firmly maintaining that the debt must needs settling. Other responsibilities include setting up and negotiating payments and accepting payments via mail, over the phone, or online.

A collection specialist is a full-time debt collector who hones their techniques to get customers to pay. A specialist employs all means legally at their disposal and can even bring the case to legal proceedings if they deem it necessary. A collection specialist also knows how to track down debtors, but an investigative team may help with this process. Qualifications for a collection specialist includes knowing how to negotiate and speak to a debtor to achieve the desired result without coming across as aggressive or threatening. The Fair Debt Collection Practices Act forbids threatening tactics.