Delve into the fundamental qualifications, critical tasks, primary responsibilities, and essential skills that should be highlighted in a detailed Collection Agent job description.
What does a Collection Agent do?
A collection agent is someone who helps businesses collect debts and resolve outstanding balances with their customers. Their job involves creating payment plans, finding debtors, and negotiating debt payments. They may also negotiate payment settlements for recoverable debts.
Job Description
We are looking for a dedicated collection agent to help our business recover outstanding payments from debtors. This role includes communicating with customers over the phone, negotiating payment plans, and collecting payment to eliminate debt.
To be successful as a collection agent, you should have experience with debt collection and knowledge of the Fair Debt Collection Practices Act (FDCPA). Experienced collection agents can reduce financial losses by creating and implementing effective debt recovery plans.
Job Duties and Responsibilities
- Work with Accounts, Sales, and the Legal Department on debt collection efforts.
- Create debt collection strategies and plans.
- Follow the rules of the FDCPA during the debt collection process.
- Contact debtors by phone to negotiate and collect payments.
- Use public databases to find defaulters, such as Credit Bureau reports, background checks, and loan documents.
- Negotiate manageable debt payments to prevent repeated delinquency.
- Agree on settlements for a percentage of the debt.
- Keep records of all communication, payment plans, and payments received.
- Report delinquent and satisfied debts to the Credit Bureau and remove records when debts are paid.
- Initiate legal action or repossession if debt recovery is unsuccessful.
Requirements and Qualifications
- Preferably certified or trained in debt collection.
- Thorough understanding of the FDCPA and professional codes of conduct.
- Proficient in debt collection software, like ACE and CollectMax.
- At least 2 years of experience in sales, customer service, or telemarketing.
- Previous debt collection experience is a plus.
- Experience creating and implementing debt recovery plans to prevent losses.
- Excellent communication skills to negotiate debt payment plans with debtors.
- Ability to collaborate with other departments and institutions for debt collection efforts.
- Skilled in using public databases and records to find defaulters.
- Strong recordkeeping and interpersonal skills.