Account Collectors

Account and bill collectors are often called collectors. They keep track of accounts, which are attempts and overdue to collect payment on them. Some collectors are known as in-house collectors while others are hired by third-party collection agencies. These collectors work directly for the original creditors such as hospitals, department stores, and banks.

Job Prospect
The duties of account and bill collectors are similar across various organizations. Collectors are implored to notify and locate customers of delinquent accounts. Generally, these collectors contact customers over telephone and at times by letter. In case when customers are left without leaving a forwarding address, collectors have to confirm with telephone companies, post offices, former neighborhood, or credit bureaus to attain the new address.

The effort to find a new address of the customers is known as 'skip tracing'. The new computer system facilitates in skip tracing by automatically tracing when customers change their contact information or address on their open accounts. The account and bill collectors find the debtor to notify him/her of the solicit payment and overdue account. Sometimes, collectors assess the terms of the credit contract, service, and sale with the customer.

Collectors may attempt to find out the cause of the delay in payment. They offer customers advice on how to pay the debts such as extract a bill consolidation loan. Nonetheless, the prime objective of the collector is to ensure that the customers pay the debt in question. When customers agree to pay, collectors record his/her commitment and ensure the payment is made.

Bill and payment collectors have authority to grant an expansion of time if consumers ask for one. In case customers fail to pay, collectors need to make a statement referring the customer's action for the credit department of the firm. In some extreme cases, collectors have to disconnect the customer's service, initiate repossession proceedings, and pass the account to an attorney for legal action.

Some of the collectors deal with other administrative functions for the accounts assigned to them. These accounts may comprise of removal the records of the deceased and registering changes of address. Collectors use a variety of automated systems and computers to keep record of overdue accounts. In advanced predictive dialer systems, a computer has an automatic dialing system. Collectors use this system to interact with the customers. This computer system facilitates to minimize time spent on no answering numbers or calling busy. Some collectors use regular telephone whereas others wear headsets used by telephone operators. These bill and account collectors have to carry out following responsibilities.

Responsibilities

• Receive post amounts and payments paid to customer accounts
• Oversee and locate overdue accounts using various automated systems and computers
• Register the information about status of collection efforts and financial status of customers
• Inform and place customers of delinquent accounts by telephone, personal visits, or mail as to solicit payment
• Interact with customers in person or by telephone to make out reasons for overdue payments and to assess the terms of credit contract, service, and sales
• Recommend customers of necessary strategies and actions for debt repayment
• Convince customers to pay amounts due on damage claims, credit accounts, return merchandise, or no payable checks
• File and sort correspondence and execute various clerical duties such as writing reports, answering correspondence, etc.
• Perform a variety of administrative tasks for assigned accounts such as removing the records of deceased customers and recording address changes
• Arrange for establish schedules or debt repayment based upon financial situations of the customer
• Negotiate credit extensions when required
• Drive vehicles to return merchandise to creditors, visit customers, and deliver bills
• Inform credit departments, order service disconnection or merchandise and move account records to attorneys when customers fall short to respond to collection attempts
• Mark out delinquent customers to new addresses by making inquiry at telephone companies, credit bureaus, and post offices.

Work Environment
Generally, in-house account and bill collectors are employed in an office environment. Collectors who work for third-party collection agencies require working in a call-center environment. These workers need to spend ample amount of time in interacting with people. Sometimes, the work may become stressful as some customers are confrontational pressed about their debts.

At times, bill and account collectors may feel pressured to achieve the given target for debt recovered in a specified periods. Account and bill collectors often have to work weekends and evenings when it is not difficult to meet people. Some collectors work on flexible work schedules whereas others work part-time. However, the majority of work is forty hours a week.

Educational Qualification
Some employers prefer candidates who completed at least a high school diploma and holding utmost experience in customer service. Generally, new employees are provided on-the-job training by the employers.

Apart from high school diploma, candidates require to have sound knowledge of computer software used in this occupation. They ought to possess negotiation skills and telephone techniques.