Career Descriptions: Bill And Account Collectors

Description of Positio

The Bill and Account Collectors keep records of accounts overdue. Their main function is to collect payment on accounts overdue.

Job Duties

Bill and Account Collectors locate and notify customers of delinquent accounts either by telephone or letter. If a customer has moved without leaving a forwarding address, the collector can check with the post office, telephone companies, credit bureaus, or former neighbors for a new address. The process to find a new address is called “skip tracing.” Computer systems assist in tracing customers with new address or contact information by use of customer’s other open accounts. Steps collectors take once they find the debtor include:

• Informing him or her of the overdue account and asking for payment.
• When necessary, the collector reviews the terms of sale, service or credit contract with the customer.
• Collectors may also try to learn the cause of the delay in payment.
• If feasible, they offer the customer advice on how to pay off the debtsn • If customer agrees to pay, the Bill and Account Collector records this commitment and checks later to verify the payment was made.
• If customer fails to respond, the Bill and Account Collector prepares a statement reflecting the customer’s failure to respond.
• In severe cases, Bill and Account Collectors may initiate repossession proceedings, stop the customer’s service, or send the account to an attorney for legal action.
• Bill and Account Collectors usually also handle other administrative functions for their assigned accounts which include making changes of address and purging records of the deceased, etc.

Office Machines Utilized

Bill and Account Collectors use computers and a variety of automated systems to keep track of overdue accounts and telephone systems.

Work Environments

Bill and Account Collectors employed in-house typically work in an office environment. Those who work for third-party collection agencies may work in a call-center. Some Bill and Account Collectors work from home offices.

Working Hours

Since Bill and Account Collectors are often required to work evenings and weekends (times it is usually easier to reach people), it is not uncommon to work part time or on a flexible work schedule. The majority of Bill and Account Collectors work 40 hour weeks.

Main Job Objective

The Bill and Account Collector’s main job objective is ensuring that the customer pays the debt in question.

Training, Education, Other Qualifications and Advancementnn • High school diploma or the equivalent, however, employers prefer workers with some college or experience involving public contact.
• Good communication skillsn • Computer skillsn • Advanced telecommunications equipment skills is helpful

Bill and Account Collector workers generally receive on-the-job-training once hired. Specific computer software training may also be necessary once hired. Other on-the-job training might include:

• Telephone techniques and negotiation skills trainingn • Laws governing the collection of debt

Bill and Account Collector workers usually can advance within their company by taking on more duties for higher pay or by transferring to a closely related job. Many are able to advance to supervisory positions.

Places of Employmentnn • Collection agenciesn • Banksn • Retail Storesn • Government agenciesn • Physician’s officesn • Hospitalsn • Other institutions that lend money and extend credit

Job Outlook for the Bill and Account Collector

This position is expected to grow faster than the average for all occupations through the year of 2014. Hospitals and physicians’ offices are two of the fastest growing industries that will hire Bill and Account Collectors. Job opportunities should be favorable. Other employment sectors expected to hire Bill and Account Collectors include:

• Government agenciesn • Internal Revenue Service is looking to outsource the collection of overdue Federal taxes to a third-party collection agency.

Limitations of employment growth may include:

• An increased use of third party debt collectors who are generally more efficient than in-house collectors.
• Some firms are beginning to use offshore collection agencies with a lower cost structure allowing them to collect debts that are too small for domestic collection agencies.

Of special note is that contrary to the pattern in most occupations during recessions is that employment of Bill and Account Collectors tends to rise. This reflects the difficulty that many people have in meeting their financial obligations during recessions. On the other hand, Bill and Account Collectors generally have more job success in getting people to repay their debts when the economy is good.

Expected Earnings

The median hourly earnings of Bill and Account Collectors were $13.20 in May of 2004. The lowest 10 percent earned less than $9.22 and the highest 10 percent earned more than $20.10. Some employers offer commissions based on the amount of debt a Bill and Account Collector recover in addition to the hourly wage.

Source: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2006-07 Edition, Bill and Account Collectors, on the Internet.

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