Collections Specialist Salaries

A Collections Specialist plays a key role in ensuring that businesses receive payments owed to them. This job involves contacting customers to collect overdue payments. The average yearly salary for a Collections Specialist is $43,209. This figure can vary based on experience, location, and the specific industry.

The salary range for Collections Specialists can be quite broad. At the lower end, some specialists earn around $27,500 per year. As experience grows, salaries can increase. The highest earners in this field can make up to $70,000 annually. Factors like location and company size also affect earnings. For example, those in larger cities or with more experience often earn more. Understanding these factors can help job seekers set realistic expectations and goals for their career in collections.

1. Washington, DC
   Average Salary: $65,505
   In Washington, DC, professionals in this field work with a variety of clients, ensuring payments are collected efficiently. The presence of federal agencies and large corporations offers a dynamic environment for those in the collections industry.
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2. Boston, MA
   Average Salary: $62,998
   Boston offers a rich environment for collections specialists, with many opportunities in finance and healthcare. Working in the heart of New England, specialists can expect to interact with a diverse range of clients.
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3. Reno, NV
   Average Salary: $58,536
   Reno provides a unique setting for collections specialists, with a mix of tourism and local businesses. The city's growing economy offers a stable environment for those in this field.
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4. Riverside, CA
   Average Salary: $54,512
   In Riverside, collections specialists benefit from a growing job market. The city's diverse economy, including healthcare and education, provides a variety of opportunities.
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5. Los Angeles, CA
   Average Salary: $53,900
   Los Angeles offers a vibrant and fast-paced environment for collections specialists. With a large number of businesses, specialists can find diverse opportunities in various industries.
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6. Portland, OR
   Average Salary: $51,037
   Portland provides a friendly and progressive atmosphere for collections specialists. The city's strong economy and focus on sustainability offer a unique work environment.
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7. Albany, NY
   Average Salary: $50,783
   In Albany, collections specialists work in a historic city with a strong government presence. The city offers a mix of public and private sector opportunities.
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8. Stamford, CT
   Average Salary: $50,778
   Stamford, known as the 'Corporate Capital of the World,' offers a professional environment for collections specialists. The city's numerous financial institutions provide many job opportunities.
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9. Denver, CO
   Average Salary: $50,308
   Denver provides a dynamic and growing environment for collections specialists. The city's strong economy and outdoor lifestyle offer a unique blend of opportunities.
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10. Chicago, IL
    Average Salary: $50,036
    Chicago offers a bustling and diverse environment for collections specialists. The city's large number of businesses and financial institutions provide a wealth of opportunities.
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1. Paragon Revenue Group
   Average Salary: $100,000
   Paragon Revenue Group offers competitive salaries for Collections Specialists. They work in various locations, including major cities across the U.S. The company focuses on revenue cycle management and provides a dynamic work environment.
   

   
   

2. Wells Fargo
   Average Salary: $66,532
   Wells Fargo is a well-known financial institution that offers good pay for Collections Specialists. They operate in many locations nationwide. The company provides a stable environment with opportunities for career growth.
   

   
   

3. Byrider
   Average Salary: $57,964
   Byrider offers a solid salary for Collections Specialists. They have locations in several states. The company focuses on providing financial services and supports a positive work culture.
   

   
   

4. Turn2Partners
   Average Salary: $55,804
   Turn2Partners offers a competitive salary for Collections Specialists. They operate in various locations across the country. The company emphasizes teamwork and offers a supportive work environment.
   

   
   

5. High Country Search Group
   Average Salary: $55,733
   High Country Search Group provides a good salary for Collections Specialists. They have offices in multiple states. The company focuses on staffing and recruitment, providing a stable work environment.
   

   
   

6. Leeds Professional Resources
   Average Salary: $52,302
   Leeds Professional Resources offers a fair salary for Collections Specialists. They operate in several locations. The company specializes in staffing solutions and offers a supportive work environment.
   

   
   

7. Randstad
   Average Salary: $52,000
   Randstad offers a competitive salary for Collections Specialists. They have offices in many locations. The company focuses on staffing and provides a dynamic work environment.
   

   
   

8. Jones Networking
   Average Salary: $51,727
   Jones Networking offers a good salary for Collections Specialists. They operate in various locations. The company focuses on staffing and offers a supportive work environment.
   

   
   

9. Ledgent Finance & Accounting
   Average Salary: $51,600
   Ledgent Finance & Accounting provides a fair salary for Collections Specialists. They have offices in multiple locations. The company specializes in finance and accounting staffing and offers a stable work environment.
   

   
   

10. Creative Financial Staffing
    Average Salary: $51,534
    Creative Financial Staffing offers a good salary for Collections Specialists. They operate in various locations. The company focuses on financial staffing and provides a supportive work environment.
    

A Collections Specialist can increase their earnings by focusing on several key areas. Building strong communication skills helps in negotiating and resolving debts more effectively. This skill can lead to quicker settlements and higher earnings. Gaining experience in different industries allows a specialist to understand various debt scenarios and handle them better. This versatility can make a specialist more valuable to employers.

Specialists who take the initiative to learn about new collection tools and technologies can work more efficiently. This efficiency can lead to higher productivity and better bonuses. Networking with other professionals in the field can open up opportunities for higher-paying positions. Attending industry events and joining professional groups can be very beneficial. Finally, seeking additional certifications can enhance a specialist's qualifications. This can make them more attractive to employers willing to pay a premium for skilled professionals.

Consider these factors to boost earnings as a Collections Specialist:

1. Enhance communication skills
2. Gain experience in various industries
3. Learn new collection tools and technologies
4. Network with other professionals
5. Obtain additional certifications