Collection Specialist Job Description

About the Collection Specialist Position

We’re seeking a driven and reliable Collection Specialist to join our team of finance professionals. While working as a Collection Specialist, your primary responsibility will be reaching out to clients through phone calls and by mail to resolve missed or outstanding payments. 

To succeed as a Collection Specialist, you’ll need to be an excellent communicator with the ability to build rapport with clients, working to ensure payments are made in a timely manner. You’ll achieve this by possessing a professional demeanor and having solid knowledge of debt laws.

Collection Specialist Responsibilities

• Oversee assigned accounts on a regular basis, monitoring for unresolved debts
• Investigate assigned accounts to determine if there’s a long-term issue
• Contact clients with overdue payments to encourage payment, suggesting repayment plans if needed
• Develop repayment plans that quickly and efficiently resolve outstanding debt 
• Respond to client inquiries in a timely and professional manner, resolving any billing or collection issues
• Process payments and, if applicable, refunds
• Regularly update account status records for assigned accounts
• Prepare [weekly/monthly/quarterly] reports on collection progress 

Collection Specialist Requirements

• [1+] years experience as a Collection Specialist or similar role
• High school diploma or GED required
• Degree preferred
• Excellent knowledge of collection and billing procedures
• Strong knowledge of legal regulations regarding debt, including but not limited to FDCPA
• Proficient with Microsoft Office suite
• Must be able to work under pressure and be comfortable with contacting clients about potentially sensitive issues
• Excellent written and verbal communication skills with a knack for negotiating
• Superb problem-solving and critical thinking skills 
• Strong organizational and multitasking skills