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Bill and Account Collectors Career Information

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• Significant Points
• Nature of the Work
• Working Conditions
• Employment
• Training, Qualifications, Adv.

• Job Outlook
• Earnings
• Related Occupations
• Sources of Additional Information

Significant Points

Nature of the Work

Bill and account collectors, called simply collectors, keep track of accounts that are overdue and attempt to collect payment on them. Some are employed by third-party collection agencies, while others, known as "in-house collectors," work directly for the original creditors, such as department stores, hospitals, or banks.

The duties of bill and account collectors are similar in the many different organizations in which they are employed. First, collectors are called upon to locate and notify customers of delinquent accounts, usually over the telephone, but sometimes by letter. When customers move without leaving a forwarding address, collectors may check with the post office, telephone companies, credit bureaus, or former neighbors to obtain their new address. This is called "skiptracing."

Once collectors find the debtor, they inform them of the overdue account and solicit payment. If necessary, they review the terms of the sale, service, or credit contract with the customer. Collectors also may attempt to learn the cause of the delay in payment. Where feasible, they offer the customer advice on how to pay off the debts, such as by taking out a bill consolidation loan. However, the collector's objective is always to ensure that the customer first pays the debt in question.

If a customer agrees to pay, collectors record this commitment and check later to verify that the payment was indeed made. Collectors may have authority to grant an extension of time if customers ask for one. If a customer fails to respond, collectors prepare a statement indicating this for the credit department of the establishment. In more extreme cases, collectors may initiate repossession proceedings, service disconnections, or hand the account over to an attorney for legal action. Most collectors handle other administrative functions for the accounts assigned to them. This may include recording changes of addresses, and purging the records of the deceased.

Collectors use computers and a variety of automated systems to keep track of overdue accounts. Typically, collectors work at video display terminals that are linked to computers. In sophisticated predictive dialer systems, a computer dials the telephone automatically and the collector speaks only when a connection has been made. Such systems eliminate time spent calling busy or nonanswering numbers. Many collectors use regular telephones, but others wear headsets like those used by telephone operators.

Working Conditions

Employment

Bill and account collectors held about 400,000 jobs in 2009. About 1 in 6 collectors work for collection agencies. Many others work in banks, department stores, government, hospitals, and other institutions that lend out money and extend credit.

Training, Qualifications, Adv.

Job Outlook

Employment of bill and account collectors is expected to grow faster than the average for all occupations through 2010, as the level of consumer debt continues to rise and as more companies seek to improve their debt collection by contracting with third-party collection agencies. Hospitals and physician's offices are two of the fastest growing areas requiring collectors. With insurance reimbursements not keeping up with cost increases, the healthcare industry is seeking to recover more money from patients. Government agencies also are using collectors more to collect on everything from parking tickets to child-support payments and past-due taxes. An increasing number of mergers between collection agencies may reduce the overall growth in the number collectors, as small, less automated agencies are bought, resulting in a bigger, more efficient firm. Contrary to the pattern in most occupations, employment of bill and account collectors tends to rise during recessions, reflecting the difficulty that many people have in meeting their financial obligations. However, success at getting people to repay their debts is better when the economy is good.

Earnings

Median hourly earnings of bill and account collectors were $13.20 in May 2009. The middle 50 percent earned between $10.87 and $16.28. The lowest 10 percent earned less than $9.22, and the highest 10 percent earned more than $20.10. In addition to a basic rate of pay, many bill and account collectors earn commissions based on the amount of debt they recover.

Related Occupations

Bill and account collectors review and collect information on accounts. Other occupations with similar responsibilities include credit authorizers, checkers, and clerks; loan officers; and interviewers.

Sources of Additional Information

Career information on bill and account collectors is available from:

• ACA International, The Association of Credit and Collection Professionals, P.O. Box 390106, Minneapolis, MN 55439. Internet: http://www.acainternational.org