Collection Associates act as liaisons between creditors and customers to collect outstanding payments. Their responsibilities include monitoring assigned accounts, contacting debtors to begin the recovery process, and negotiating debt payments. They may also prepare repayment plans.
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Collection Associate Job Description Template
We are seeking a committed Collection Associate to assist our company with the recovery of outstanding payments. In this role, your duties will include communicating with debtors via telephone, negotiating payment settlements with debtors, and sending statements of delinquency to the Credit Bureau.
To ensure success as a Collection Associate, you should demonstrate knowledge of the Fair Debt Collection Practices Act (FDCPA) and experience in a similar role. A top-notch Collection Associate will be someone who can enact debt recovery plans and mitigate losses.
Collection Associate Responsibilities:
- Collaborating on debt collection strategies with other departments.
- Enacting debt recovery plans that adhere to the FDCPA.
- Contacting debtors by telephone to negotiate debt recovery.
- Preventing recurring delinquency by negotiating manageable debt payment plans.
- Negotiating settlements to recover a maximum percentage of outstanding debt.
- Keeping hard copy and electronic records of all documents, payment plans, and amounts paid.
- Researching publicly-available resources to track down defaulters, including Credit Bureau information, databases, loan documents, and background checks.
- Sending statements of delinquency to the Credit Bureau and initiating legal proceedings if debt recovery fails.
- Purging records where debts have been satisfied.
Collection Associate Requirements:
- Debt Collection Certification or training in a similar role preferred.
- A minimum of two years' experience in a sales or customer service role.
- Previous experience in debt collection will be advantageous.
- Proficiency in debt collection software, such as Collect! and ezyCollect.
- Advanced knowledge of the FDCPA.
- Extensive experience in developing and enacting debt recovery strategies.
- Experience in locating defaulters by searching publicly-available documents and databases.
- Exceptional ability to negotiate debt recovery with debtors.
- Ability to perform debt collection in collaboration with other stakeholders.
- Excellent recordkeeping and interpersonal skills.
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