Collections Specialist

Salary Range for Collections Specialist in Credit Card Issuing

$35,000 - $60,000 per year

Sample Job Description for Collections Specialist in Credit Card Issuing Industry

Job Description:

The Collections Specialist Plays A Crucial Role In The Credit Card Issuing Company By Managing And Coordinating The Collection Of Outstanding Debts From Customers. They Are Responsible For Communicating With Customers To Negotiate Payment Plans, Investigating Delinquent Accounts, And Ensuring Timely Debt Recovery. The Collections Specialist Is A Detail-Oriented Professional Who Possesses Excellent Communication And Negotiation Skills.

Job Objective:

The Primary Objective Of A Collections Specialist Is To Minimize The Company'S Financial Risk By Effectively Collecting Outstanding Debts And Maintaining Positive Relationships With Customers. They Contribute To The Overall Success Of The Company By Meeting Collection Targets And Ensuring Compliance With Relevant Regulations.

Job Requirements:

1. High School Diploma Or Equivalent; Bachelor'S Degree In Finance Or Related Field Preferred. 2. Proven Experience In Collections, Preferably In The Financial Industry. 3. Deep Understanding Of Debt Collection Laws And Regulations. 4. Excellent Communication And Negotiation Skills. 5. Strong Analytical And Problem-Solving Abilities. 6. Ability To Work Well Under Pressure And Meet Deadlines. 7. Proficiency In Using Collection Software And Microsoft Office Suite. 8. Attention To Detail And Accuracy In Record-Keeping. 9. Ability To Handle Sensitive Customer Information With Confidentiality. 10. Knowledge Of Credit Card Issuing Processes And Procedures.

Job Responsibilities:

1. Contact Customers To Discuss Overdue Payments And Negotiate Repayment Plans. 2. Document All Communication And Actions Taken Regarding Debt Collection Efforts. 3. Investigate Delinquent Accounts And Determine The Best Course Of Action For Debt Recovery. 4. Review Customer Accounts To Identify Potential Risks And Take Appropriate Actions. 5. Collaborate With Internal Teams, Such As Customer Service And Legal, To Resolve Customer Issues. 6. Maintain Accurate And Up-To-Date Records Of All Collection Activities. 7. Provide Regular Reports On Collection Activities And Progress To Management. 8. Stay Updated With Relevant Laws, Regulations, And Industry Trends In Debt Collection. 9. Assist In Developing And Implementing Strategies To Improve Collection Efficiency. 10. Handle Escalated Customer Inquiries And Complaints Related To Collections.

Top 10 Employers for Collections Specialist in Credit Card Issuing:

1. American Express - Headquarters: New York, USA - Website: www.americanexpress.com 2. JPMorgan Chase - Headquarters: New York, USA - Website: www.jpmorganchase.com 3. Capital One Financial Corporation - Headquarters: Virginia, USA - Website: www.capitalone.com 4. Citigroup Inc. - Headquarters: New York, USA - Website: www.citigroup.com 5. Bank of America - Headquarters: North Carolina, USA - Website: www.bankofamerica.com 6. Discover Financial Services - Headquarters: Illinois, USA - Website: www.discover.com 7. Barclays - Headquarters: London, UK - Website: www.home.barclays 8. Wells Fargo - Headquarters: California, USA - Website: www.wellsfargo.com 9. HSBC Holdings plc - Headquarters: London, UK - Website: www.hsbc.com 10. U.S. Bank - Headquarters: Minnesota, USA - Website: www.usbank.com

Career Path for Collections Specialist in Credit Card Issuing:

1. Entry-level Collections Representative - 1-2 years 2. Collections Specialist - 2-4 years 3. Senior Collections Specialist - 4-6 years 4. Collections Team Lead/Supervisor - 6-8 years 5. Collections Manager - 8+ years Recommended years in each position are approximate and may vary based on individual performance and company policies. Degree: A bachelor's degree in finance or a related field is preferred but not always required to enter the field. Relevant experience and skills are highly valued in this role.

Top 5 Countries by Collections Specialist in Credit Card Issuing:

1. United States 2. United Kingdom 3. Canada 4. Australia 5. Germany

Top 5 Countries with Established Credit Card Issuing:

1. United States 2. China 3. Japan 4. United Kingdom 5. Germany