- Bill and account collectors, often called collectors, attempt to collect payment on overdue bills. Some are employed by third-party collection agencies, while others—known as in-house collectors—work directly for the original creditors, such as mortgage and credit card companies, healthcare providers, and utilities.
- The duties of bill and account collectors are similar across the many different organizations in which they work.
- First, collectors are called upon to locate and notify consumers or businesses with delinquent accounts, usually over the telephone, but sometimes by letter.
- When debtors move without leaving a forwarding address, collectors may check with the post office, telephone companies, credit bureaus, or former neighbours to obtain the new address.
- This is called “skip tracing.”
- Computer systems assist in tracing by automatically tracking when individuals or companies change their addresses or contact information on any of their open accounts.
- Once collectors find debtors, they inform them of the overdue accounts and solicit payment.
- If necessary, they review terms of sale, or credit contracts.
- Good collectors use their listening skills to attempt to learn the cause of delinquencies.
- They generally have the authority to offer repayment plans or other assistance to make it easier for debtors to pay their bills.
- In many cases, they are able to find payment solutions that will allow the debtor to pay off their accounts.
- They may also offer simple advice or refer customers to debt counsellors.
- If a consumer agrees to pay, the collector records this commitment and checks later to verify that the payment was made.
- If a consumer fails to pay, the collector prepares a statement indicating the consumer’s delinquency for the credit department of the establishment.
- In more extreme cases, collectors may initiate repossession proceedings, disconnect service, or hand the account over to an attorney for legal action.
- Most collectors handle other administrative functions for the accounts assigned to them, including recording changes of address and purging the records of the deceased.
- Because people are very sensitive about their financial problems, collectors must be careful to follow applicable laws that govern their work.
- Most companies use electronic systems to help collectors remember all laws and regulations governing each call.
- Collectors use computers and a variety of automated systems in their jobs. Companies keep records of their accounts using computers, and collectors can keep track of previous collection attempts and other information in computerized notes.
- Using this information puts them at an advantage when trying to negotiate with consumers.
- As with most call-centre workers, they use headsets instead of regular telephones.
- Many also use automatic dialling, which allows collectors to make calls quickly and efficiently, without the chance of dialling incorrectly.
- New jobs should be created in key industries such as healthcare and financial services, which often have delinquent accounts.
- In-house bill collectors will take on some of these collections, while others will be sold to third-party collection agencies.
- In both cases, bill and account collectors will be responsible for recovering these debts, causing the occupation to grow.
- Job growth will be tempered somewhat by continued outsourcing of collections work to offshore call centres.
- In recent years, many companies have chosen to use these call centres for some of their debt recovery efforts.
- Nevertheless, creditors will continue to hire collectors, as domestic workers tend to have greater success in negotiating with clients.
- The occupation should see large growth in the healthcare industry.
- The rapid growth projected in this industry, in combination with increasing prices, should result in many collections opportunities.
- This will affect both collectors who work in the healthcare industry itself and those who work for collections agencies that accept accounts from healthcare providers.
- Opportunities for job seekers who are looking for bill and account collector jobs should be favourable due to continued job growth and the need to replace workers who leave the occupation.
- Those who have experience in a related occupation should have the best prospects. Companies prefer to hire workers who have worked in a call centre before, or in another job that requires regular phone-based negotiations.
- Unlike most occupations, the number of collections jobs tends to remain stable and even grow during economic downturns.
- When the economy suffers, individuals and businesses struggle to meet their financial obligations.
- While this increases the number of debts that must be collected, it also means that fewer people are able to pay their outstanding debt.
- Companies decide how many collectors to hire based on expected success rates.
- As a result, the number of collectors does not necessarily increase proportionally to the number of delinquent accounts.
- Nevertheless, the number of collections jobs tends to remain stable during downturns, although prospective employees may face increased competition for these jobs.
Bill and account collectors review and collect information on accounts. Other occupations with similar responsibilities include Credit authorizers, checkers, and clerks; Interviewers, except eligibility and loan; Loan officers.
Collectors spend most of their time on the telephone, speaking with customers. Other jobs that require regular telephone interaction include Customer service representatives; Sales representatives, wholesale and manufacturing.
This career information is drawn from data provided by the U.S. Department of Labor.