If you are considering a new career, you may want to look into the debt collection industry.
Debt collectors provide an essential service for companies and small businesses by making sure payments are received in a timely manner. In general, debt collectors track down people who are overdue with their payments, notify them of the situation, and make sure that they find a way to pay.
Career Skills of the Debt Collector
The most basic educational requirement for employment is a high school diploma. However, to improve your career skills and position yourself for success, you may want to consider advanced career retraining through online debt collector training courses.
Continuing education can help you develop the right set of career skills as a debt collector including good investigative skills, handling analytical tasks, and positive communication abilities. In conjunction with continued education through online debt collector training courses, you should also be resilient, dedicated, and persistent--always up to the task of tracking down delinquent accounts, companies, or individuals.
Debt collectors should also be able to work independently, be task oriented, and be able to negotiate positive customer relationships. Career Advice for Aspiring Debt Collectors
The right career retraining could prepare you for employment opportunities at collection agencies, retail stores, banks, physician offices,government agencies, and more. According to the most recent statistics from the Bureau of Labor Statistics, nearly 25 percent of debt collectors work in business support services, such as debt collection agencies.
In today's economic environment, collecting debts in a timely manner has become paramount as businesses and other organizations seek to maintain positive cash flow. In turn, the Bureau of Labor Statistics expects the most employment opportunities to be in the medical field, including hospitals and physicians' offices.
And, as the Bureau of Labor Statistics reports, the need for these services should increase, indicating job growth in the debt collection field should continue. Consider career retraining to join this growing industry.
- Debt collectors working for a collection agency: 1 in 4
- Other popular employers for debt collectors: banks, retail stores, government, hospitals
- Typical office environment: Call center, standard office
- Usual working hours: Standard office hours, nights and weekends, part-time, flexible work schedule
- Degree/diploma requirement: High school diploma or some formal training (entry level), specialized technical/managerial training (advancement)
- Popular advancement: team leader, supervisor
- Expected job growth: much faster than average
- Projected percentage growth, 2012-2022: 15 percent
- Reasons for projected growth: increasing importance of cash flow, IRS outsourcing federal debt to third-party collectors
- Debt collectors employed in 2012: 397,400
- Collectors working in business support services: 101,770
- Collectors working in non-depository credit intermediation: 40,970
- Collectors working in offices of physicians: 21,820
- States with the highest concentration of workers: South Dakota, Tennessee, Arizona, South Carolina, Georgia
- Top paying states for debt collectors: District of Columbia, Connecticut, Massachusetts, Alaska, New Jersey