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Title
Text copied to clipboard!Collection Specialist
Description
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We are looking for a dedicated and tactful Collection Specialist to join our finance team. In this role, you will be responsible for monitoring and maintaining assigned accounts through direct contact with customers, identifying outstanding debts, and executing effective recovery strategies. The ideal candidate will have a strong understanding of billing processes, excellent negotiation skills, and the ability to work under pressure while maintaining a high level of professionalism. Your goal will be to reduce delinquency for assigned accounts and ensure financial losses are minimized through diligent and consistent recovery efforts. This position requires someone who can navigate the challenges of dealing with sensitive financial situations while providing exceptional customer service and maintaining the integrity of our financial policies. You will work closely with other financial departments to resolve billing discrepancies and understand the nuances of various types of accounts. Your success in this role will be measured by your ability to effectively manage your portfolio of accounts, achieve recovery targets, and contribute to the overall financial health of the organization.
Responsibilities
Text copied to clipboard!- Monitor accounts on a daily basis to identify outstanding debts.
- Plan course of action to recover owed money.
- Locate and contact debtors to inquire of their payment status.
- Negotiate payoff deadlines or payment plans.
- Handle questions or complaints.
- Investigate and resolve discrepancies in payments or accounts.
- Report on collection activity and accounts receivable status.
- Utilize software to manage and organize data.
- Collaborate with legal department when necessary.
- Maintain trustful relationships with debtors to ensure future compliance.
- Adhere to laws and policies regarding debt collection.
- Train and mentor junior staff.
- Prepare and present reports on collection efforts and progress.
- Implement credit policies and procedures.
- Manage multiple accounts for delinquency.
- Use communication and negotiation skills to ensure payments are received.
Requirements
Text copied to clipboard!- Proven experience as a Collection Specialist or similar role.
- Knowledge of billing procedures and collection techniques.
- Familiarity with laws related to debt collection (e.g., FDCPA).
- Working knowledge of MS Office and databases.
- Comfortable working with targets.
- Patience and ability to manage stress.
- Excellent communication and negotiation skills.
- Skilled in resolving conflicts and negotiating agreements.
- High school diploma; Associate’s/Bachelor’s degree is a plus.
- Ability to work independently and as part of a team.
- Attention to detail and goal-oriented.
- Experience in customer service is preferred.
- Understanding of financial software and databases.
- Ethical behavior when dealing with sensitive financial information.
- Ability to maintain confidentiality.
- Strong organizational and multitasking skills.
Potential interview questions
Text copied to clipboard!- Can you describe a time when you successfully negotiated a payment plan?
- How do you handle aggressive or uncooperative debtors?
- What strategies do you use to locate hard-to-find debtors?
- How do you stay motivated in a role with frequent rejections?
- What is your understanding of the Fair Debt Collection Practices Act (FDCPA)?
- How do you prioritize your accounts?
- Can you give an example of how you handled a billing discrepancy?
- What software tools have you used in your collection efforts?
- How do you ensure you maintain a positive relationship with customers while collecting debts?
- What do you find most challenging about debt collection, and how do you overcome it?