How much does a Collections Specialist make?
A Collections Specialist plays a key role in ensuring that businesses receive payments owed to them. This job often involves contacting customers and businesses to collect overdue payments. The average yearly salary for a Collections Specialist is around $43,153. This salary can vary based on experience, skills, and location.
The salary range for Collections Specialists can be quite broad. The lowest 10% earn about $27,500 per year, while the highest 10% earn over $68,000 annually. Most positions fall between $34,964 and $57,355 per year. This range shows that with more experience and skills, a Collections Specialist can earn a higher salary. Factors like location and the size of the company can also impact earnings. For example, those in larger cities or with larger companies may earn more.
What are the highest paying cities for a Collections Specialist?
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Washington, DC
Average Salary: $66,245
In Washington, DC, professionals in this field often work with government agencies and large corporations. The city's diverse economy offers many opportunities for growth and development. Companies like Fannie Mae and Freddie Mac provide a stable environment for those in this role.
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Boston, MA
Average Salary: $63,239
Boston offers a vibrant job market with many opportunities in finance and healthcare. Working here means dealing with a mix of corporate and local businesses. Companies such as MassMutual and Blue Cross Blue Shield are prominent employers in the area.
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Reno, NV
Average Salary: $57,173
Reno provides a dynamic work environment with a focus on tourism and gaming industries. Professionals here often find opportunities in both small and large businesses. Companies like MGM Resorts and Eldorado Resorts are key players in the local economy.
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Riverside, CA
Average Salary: $54,434
Riverside offers a balanced job market with a mix of industries. The city is home to several large employers, including the University of California, Riverside, and major healthcare providers. This creates a stable environment for those in this field.
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Los Angeles, CA
Average Salary: $54,250
Los Angeles is a bustling hub with a diverse job market. Working here means interacting with a wide range of industries, from entertainment to technology. Companies like AT&T and Bank of America offer numerous opportunities for career advancement.
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Portland, OR
Average Salary: $51,412
Portland provides a unique work environment with a strong focus on sustainability and innovation. The city is known for its vibrant tech scene and progressive companies. Employers like Nike and Intel offer dynamic and forward-thinking opportunities.
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Stamford, CT
Average Salary: $51,191
Stamford offers a professional and corporate work environment. The city is home to many large financial institutions and insurance companies. Working here means being part of a stable and well-established industry with opportunities for growth.
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Albany, NY
Average Salary: $50,783
Albany provides a mix of government and private sector opportunities. The city's role as the state capital means working with various public institutions. Companies like MVP Healthcare and New York State Department of Health offer stable and rewarding careers.
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Denver, CO
Average Salary: $50,474
Denver offers a vibrant and growing job market with a focus on technology and outdoor industries. The city is known for its entrepreneurial spirit and diverse companies. Working here means being part of a dynamic and innovative environment.
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Seattle, WA
Average Salary: $50,451
Seattle provides a tech-driven job market with many opportunities in software and aerospace. The city is home to major companies like Amazon and Boeing. Working here means being part of a forward-thinking and innovative industry with numerous career growth opportunities.
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What are the best companies a Collections Specialist can work for?
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Paragon Revenue Group
Average Salary: $100,000
Paragon Revenue Group offers competitive salaries for Collections Specialists. They focus on revenue cycle management and work with clients across the United States. Their teams are dedicated to improving financial outcomes for healthcare providers.
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Pritchard Industries
Average Salary: $61,800
Pritchard Industries provides a solid salary for Collections Specialists. They specialize in accounts receivable management and serve clients in various industries. Their specialists work in multiple locations, including New York and California.
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High Country Search Group
Average Salary: $56,000
High Country Search Group offers a good salary for Collections Specialists. They focus on staffing and recruiting services. Their specialists work in locations such as North Carolina and South Carolina.
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Turn2Partners
Average Salary: $55,771
Turn2Partners provides a competitive salary for Collections Specialists. They offer staffing solutions and work with clients in the finance and healthcare sectors. Their specialists are based in locations such as Texas and Florida.
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Leeds Professional Resources
Average Salary: $53,585
Leeds Professional Resources offers a solid salary for Collections Specialists. They focus on staffing and recruiting services. Their specialists work in various locations, including Illinois and Michigan.
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Addison Group
Average Salary: $53,148
Addison Group provides a good salary for Collections Specialists. They specialize in staffing and recruiting services. Their specialists work in locations such as Ohio and Pennsylvania.
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Columbia Debt Recovery
Average Salary: $53,000
Columbia Debt Recovery offers a competitive salary for Collections Specialists. They focus on debt collection services. Their specialists work in various locations, including Washington and Oregon.
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Randstad
Average Salary: $52,289
Randstad provides a good salary for Collections Specialists. They offer staffing and recruitment services. Their specialists work in multiple locations, including New York and California.
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Vaco
Average Salary: $51,971
Vaco offers a solid salary for Collections Specialists. They focus on staffing and recruitment services. Their specialists work in locations such as Illinois and Texas.
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Jones Networking
Average Salary: $51,727
Jones Networking provides a competitive salary for Collections Specialists. They specialize in staffing and recruitment services. Their specialists work in various locations, including Florida and New York.
How to earn more as a Collections Specialist?
To earn more as a Collections Specialist, focus on enhancing skills and gaining experience. This role involves contacting debtors to collect overdue payments. Improving communication skills can lead to better negotiation outcomes. Understanding the debt collection laws in your area is also crucial. This knowledge can help avoid legal issues and improve collection efficiency.
Seeking additional certifications can boost earning potential. Certifications in debt collection or credit management can make a candidate more attractive to employers. Networking with other professionals can open up opportunities for higher-paying positions. Attending industry events and joining professional organizations can help build a strong network. Experience in different industries can also make a Collections Specialist more versatile and valuable.
Consider these factors to increase earnings:
- Enhance communication skills
- Gain knowledge of debt collection laws
- Obtain relevant certifications
- Build a professional network
- Gain experience in various industries
