What does a Collections Specialist do?
A Collections Specialist works within the financial department of a company and maintains an overview of all customer accounts, ensuring that they are settled according to agreed terms. This involves establishing payment plans for any accounts that have unallocated payments or are in default. A Collections Specialist oversees all financial transactions to make certain they are within the legal regulations and benefit both the customer and the company.
Collections Specialist skills and qualifications
Collections Specialists must be highly analytical and organised. They must use their intuition and experience to help decide the best course of action regarding accounts and client interactions. A successful Collections Specialist will have various prerequisite skills and qualifications, that typically include:
- Proficiency with database software
- Strong communication and negotiation skills
- Ability to be flexible and open to change
- Thorough attention to detail
- Business management and leadership skills
- Persistence and determination
- Ability to overcome obstacles and get results
Collections Specialist experience requirements
Candidates must have a background in money management and credit analysing. A few years of experience as a Credit Controller, Sales Administrator, Debt Collection Agent or a similar position is beneficial in this role. They must also have some form of accreditation from the Chartered Institute of Credit Management in areas such as debt collections, enforcement action and senior management. Candidates must be comfortable dealing with and organising large amounts of money.
Collections Specialist education and training requirements
Employers usually hire candidates with a degree in business, finance or accounting. Some companies will hire candidates that have only attended college if they possess a Level 3 diploma in personal and business finance. Applicants who have taken courses in accounts or finance may also be suitable. After formal education, many will complete a credit controller advanced apprenticeship or apply to an entry-level Credit Controller position with a company and take training on the job to move into a management role.
Collections Specialist salary expectations
According to Indeed Salaries, the average salary for a Collections Specialist is £24,520 per year in the United Kingdom. Salary is dependent on experience, location and company.
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