subject: Debt Collectors 101 Part Three [print this page] Collectors usually have goals that they are expected to meet. Sometimes these include success rate goals or average calls per hour. Because most collectors work for commission, they may depend on a certain level of success to meet their own needs.
Sometimes bill collectors work evenings and weekends, other collectors may work for part time, but the majority works forty hours per week. Generally the work schedules are pretty flexible.
It is generally required that debt collectors have at least a high school diploma but collection agents with customer service experience or college education are preferable. After they are hired, collection agents will get on the job training. Some formal classroom training might be needed, like training in specific computer software. They will probably be trained in negotiation techniques and telephone techniques.
They will also have to learn the laws of the state and the details of the Fair Debt Collection Practices Act. Debt collectors should clearly have pretty good communication skills, and people skills, because they must talk to people every day, some of them are in financial situations, many of them very stressful. They should also have the ability to handle rejection in a mature way. Any type of experience with computers or telecommunications equipment can be of assistance.
With the amount of experience that collectors gain comes their rate of success, which means more money in commissions. Successful debt collectors will generally get larger accounts with opportunities to earn more money. Employees who get additional training, experience, and skills are the most likely to have the opportunity to advance.
In 2008, there were about 411,000 bill collectors. Twenty five percent of collectors worked for businesses, nineteen percent were employed by financial and insurance agencies, and eighteen percent worked in the health care field.
Analysts expect the amount of bill collector jobs to grow faster than the average of all occupations. It is projected to grow by around nineteen percent from 2008 to 2018. It is expected that new jobs will be created in industries such as financial and health care services. For both in house bill collectors and third party collection agencies, jobs are expected to grow.
by: Mallory Megan
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