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Are you someone who is tactful, persuasive, and determined? Do you have great negotiation skills? If so, a career as a collection agent might be perfect for you. Collection agents are responsible for collecting money owed on past-due accounts using various strategies such as letter writing, telephone calls, and credit management. They work in a wide range of industries such as business, finance, government, and collection agencies.

Job Description and Responsibilities

In this profession, a high school diploma is typically required, and the average salary is around $23.53 per hour. Although certifications are not regulated, having relevant certifications or training can be beneficial. The demand for collection agents is approximately less than 1500 per province per year.

Working Environment and Duties

Collection agents often have different job titles such as credit adjuster, bill or claims collector, collection clerk or officer, recovery clerk or officer, receivables control specialist, accounts receivable analyst, loan counselor, or tax collector. Small companies may hire part-time collection agents or assign the task to existing employees, while larger companies may have a team of collection agents or contract a receivables management firm. Some businesses may even hire legal firms or private collection agencies for difficult cases.

Skills and Qualifications

When it comes to collecting overdue accounts, collection agents use tact and diplomacy to maintain a positive customer relationship with the business. They employ various approaches such as sending persuasive letters, making phone calls or meeting with debtors, and arranging repayment schedules based on the debtor's financial situation. Collection agents also use tools like local directories, bureaus, registries, and the Internet to locate people who are hard to find.

Working Conditions and Outlook

Additionally, collection agents maintain records of payments, prepare letters and statements for mailing, and follow up with debtors who don't respond to initial contact. They typically use three standard form letters: a reminder letter, a letter requesting contact, and a legal demand for payment when necessary. Collection agents are legally allowed to contact friends, family members, neighbors, and employers (to obtain updated contact details) five days after sending the first reminder letter.

Career Growth and Classifications

Collection agencies are usually hired by businesses that have been unsuccessful in collecting debts on their own and are willing to pay a fee to recover the money owed. Collection agents typically work in office settings, spending long periods sitting at a computer and using the telephone. Due to the nature of their work, they may work during weekends, early mornings, or evenings.

Summary

If you possess the necessary skills and traits, and you enjoy clear rules and methods guiding your work, communicating with people, and finding innovative ways to locate debtors and recover debts, a career as a collection agent may be a great fit for you.