WHAT DO DEBT COLLECTORS DO?
Debt collectors help companies get paid. Their job is to track down people who owe money from overdue bills and negotiate payment. Usually, this is done over the phone or by mail. If that person is no longer at that address or phone number, they may try to track them down using the web, post office or other means. Debt collectors often work for third-party companies, but some work in house.
Once contacted, debt collectors remind people of their overdue bills and do their best to negotiate payment. This may mean negotiating a payment plan, or in extreme situations, legal action. Debt collectors keep track of the debtors to make sure that they are repaying what is owed.
HOW MUCH DO DEBT COLLECTORS MAKE?
According to the Bureau of Labor Statistics (BLS), debt collectors in 2010 made a median annual income of $31,310, or $15.05 per hour.
WHAT ARE THE EDUCATION REQUIREMENTS?
Debt collectors must have at least a high school diploma. Courses in accounting, finance or similar might be helpful.
JOB SKILLS AND REQUIREMENTS
- Listening: When speaking to a debtor, it is important to listen to why they are in debt. This will help the debt collector determine a solution.
- Negotiation: Working with debtors to start some sort of payment plan, or outright repayment of a debt requires good negotiation skills.
- Speaking: Debt collectors spend most of their time on the phone talking with debtors. Being a good speaker is useful.
- Persistence: Some debtors do not want to be found, or may not be responsive when called by a debt collector. Successful debt collectors do not take no for an answer.
THE FUTURE OF DEBT COLLECTORS
According to the BLS, debt collector jobs will grow at an average speed between 2010 and 2020.