Collection Associate Job Description
The role of a Collection Associate is to facilitate the collection of outstanding payments by acting as a liaison between creditors and customers. They play a crucial role in the recovery process by monitoring assigned accounts, contacting debtors, and negotiating debt payments. Additionally, they may be responsible for preparing repayment plans to help customers settle their debts.
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As a Collection Associate, you will play a vital role in assisting with the collection of outstanding payments. Your primary responsibility will be to act as a liaison between creditors and customers, ensuring that all parties are able to come to a mutually agreeable resolution. You will monitor assigned accounts, proactively reaching out to debtors to initiate the recovery process, and work with them to negotiate and establish feasible debt payment plans.
Responsibilities:
- Monitor assigned accounts and proactively contact debtors to initiate the recovery process
- Negotiate debt payments and establish repayment plans
- Assist customers in understanding their debt obligations and provide guidance on payment options
- Maintain accurate and detailed records of all communication and payment activities
- Collaborate with internal teams to resolve any customer concerns or disputes
- Stay updated on industry regulations and best practices for debt collection
Requirements:
- High school diploma or equivalent; associate's degree in business or related field preferred
- Prior experience in collections or customer service roles
- Strong communication and negotiation skills
- Ability to handle sensitive and confidential information with discretion
- Proficient in MS Office and experience with debt collection software is a plus
- Excellent organizational and time management abilities
- Ability to work independently and meet deadlines in a fast-paced environment
- Knowledge of relevant laws and regulations pertaining to debt collection (e.g., Fair Debt Collection Practices Act)