Collections jobs are responsible for keeping track of accounts that are overdue and make attempts to collect payment on them. Doing similar tasks whether in house or working for third party collection agencies, collections work typically involves locating and notify the customers of the establishment regarding their delinquent accounts over the telephone or by letter. The next step is to solicit payment and review the terms of sale, service, or credit contract with the customer. Using computer software to keep track of overdue accounts, they record the customer's agreement to pay and later verify if the payment is actually made.
Collections careers require at least a high school diploma to meet employer's education requirements. Completion of some college courses or having a bachelor's degree would be more favorable. The on the job training goes over company specific protocol and software training. Workers are also informed about the Fair Debt Collection Practice Act, which covers the types of debt collectors ranging from third party to in house collectors.
In 2006 there were 434,000 collections jobs, 24 percent of which worked in the business support services industries. Over the 2006 to 2016 decade there will be an increase of 23 percent in collections employment according to the Bureau of Labor Statistics. This rate of employment will be faster than the national average for all occupations. This increase can be attributed to companies attempting to collect unpaid debts faster, raising the workload for collections jobs. Job opportunities are expected to be best within the medical industry.
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