How much does a Collections Specialist make?
A Collections Specialist plays a vital role in ensuring that businesses receive the payments they are owed. This professional works to recover money from clients who have overdue accounts. The salary for this position can vary based on experience and location. On average, Collections Specialists make about $43,876 a year. This can give job seekers an idea of what to expect in their earnings.
To see a clearer picture, here’s a look at the salary range:
- About 6% of Collections Specialists earn $28,000 or less annually.
- 15% earn between $28,000 and $35,000.
- 25% earn between $35,000 and $42,000.
- 32% earn between $42,000 and $50,000.
- 18% earn between $50,000 and $60,000.
- 8% earn $60,000 or more.
What are the highest paying cities for a Collections Specialist?
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Boston, MA
Average Salary: $67,148
In Boston, working in collections can be rewarding. Major firms such as State Street and TD Bank offer exciting opportunities. Being detail-oriented and good with numbers is essential.
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Washington, DC
Average Salary: $66,287
Washington, DC, presents a dynamic environment for collections professionals. Working with government agencies and financial institutions like Fannie Mae can provide unique experiences. Strong communication skills are a plus.
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Los Angeles, CA
Average Salary: $54,848
Los Angeles offers a vibrant atmosphere for those in collections. Companies like Bank of America and Chase Bank are prominent employers. Adaptability and strong customer service skills are key.
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Reno, NV
Average Salary: $52,829
In Reno, collections specialists can find rewarding work with local and national companies. Working for firms like JPMorgan Chase can be fulfilling. Being proactive and having good problem-solving skills are important.
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Springfield, IL
Average Salary: $52,800
Springfield offers a more laid-back environment for collections work. Local banks like Fifth Third Bank provide stable opportunities. Attention to detail and a friendly demeanor are beneficial.
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San Jose, CA
Average Salary: $52,347
San Jose has a fast-paced environment with many tech companies seeking collections specialists. Working for firms like PayPal can be exciting. Strong organizational skills are valuable.
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Portland, OR
Average Salary: $52,259
Portland offers a unique blend of nature and urban life for collections professionals. Working for companies like Wells Fargo provides stability. Being patient and having good interpersonal skills are important.
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Seattle, WA
Average Salary: $52,105
Seattle provides a vibrant work setting for those in collections. Working for firms such as Amazon can be stimulating. Strong analytical skills and attention to detail are essential.
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Riverside, CA
Average Salary: $51,619
Riverside offers a growing market for collections specialists. Working for local banks like Chase can be rewarding. Being proactive and having good communication skills are key.
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Stamford, CT
Average Salary: $51,035
Stamford provides a professional setting for collections work. Working for firms such as Synchrony Bank can be fulfilling. Strong attention to detail and good customer service skills are beneficial.
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What are the best companies a Collections Specialist can work for?
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Columbia Debt Recovery
Average Salary: $59,000
Columbia Debt Recovery offers collections specialist roles with a competitive salary. This company works with a variety of clients nationwide. Locations include major cities like New York, Los Angeles, and Chicago. They focus on debt recovery and customer service.
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CALL-A-HEAD CORP.
Average Salary: $57,200
CALL-A-HEAD CORP. provides collections specialist jobs with an attractive average salary. They serve clients in key areas such as Atlanta, Dallas, and Phoenix. They emphasize professional debt collection and client relations.
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Turn2Partners
Average Salary: $55,381
Turn2Partners offers collections specialist positions with a strong average salary. They operate in regions like San Francisco, Seattle, and Denver. Their focus is on effective debt recovery and maintaining good customer relationships.
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Optum
Average Salary: $54,620
Optum provides collections specialist jobs with a solid average salary. They have locations in major cities such as Minneapolis, Salt Lake City, and Boston. They aim for efficient debt collection and customer satisfaction.
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Ledgent Finance & Accounting
Average Salary: $53,722
Ledgent Finance & Accounting offers collections specialist roles with a good average salary. They have offices in cities like Houston, Miami, and San Antonio. They focus on professional debt recovery and strong client service.
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Addison Group
Average Salary: $53,671
Addison Group provides collections specialist positions with a solid average salary. They operate in cities such as Philadelphia, Charlotte, and St. Louis. They emphasize professional debt collection and customer interactions.
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Randstad
Average Salary: $53,173
Randstad offers collections specialist roles with a fair average salary. They serve clients in areas like Detroit, Pittsburgh, and Tampa. They focus on effective debt recovery and client communication.
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Vaco
Average Salary: $52,318
Vaco provides collections specialist jobs with a decent average salary. They have locations in cities such as Baltimore, Portland, and Providence. They aim for professional debt collection and good customer service.
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Rady Children's Hospital
Average Salary: $51,959
Rady Children's Hospital offers collections specialist positions with a good average salary. They operate in San Diego, focusing on healthcare debt collection and patient relations.
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Leeds Professional Resources
Average Salary: $51,231
Leeds Professional Resources provides collections specialist roles with a fair average salary. They serve clients in areas like Kansas City and Cincinnati. They focus on professional debt recovery and client interactions.
How to earn more as a Collections Specialist?
Becoming a Collections Specialist can lead to a rewarding career with good earning potential. To maximize earnings in this field, certain strategies can be highly effective. Building strong relationships with clients is crucial. Good communication skills and a professional approach can lead to higher settlements. Another key factor is developing a strong understanding of debt collection laws. This knowledge helps in negotiating effectively without legal issues. Staying updated with the latest industry trends and technologies also plays a significant role. Automation tools and advanced software can improve efficiency and reduce the time spent on collections.
Having a strategic approach to debt recovery is another important factor. Prioritizing accounts based on their potential for recovery can lead to quicker settlements and higher earnings. Building a reputation for reliability and fairness can also enhance career growth. Many employers value specialists who can balance firmness with empathy. Finally, continuous learning and professional development can open up opportunities for higher positions. Certifications and training in collections can make a specialist more marketable. By focusing on these factors, a Collections Specialist can significantly improve their earning potential.
Here are five factors that can help a Collections Specialist earn more:
- Build strong client relationships
- Understand debt collection laws
- Stay updated with industry trends and technologies
- Prioritize accounts for effective recovery
- Invest in continuous learning and professional development
