Collections Specialist Job Description

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Collections Specialist Job Description

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Job summary 1

The Collections Specialist is responsible for performing collection activities associated with later-stage delinquent member accounts, including credit cards, lines of credit, secured loans, signature loans, real estate loans, home equity lines of credit, and commercial loans, in compliance with all policies and procedures, federal and state laws, rules and regulations. Methods to accomplish this include but are not limited to phone calls, collection letters, and in-person interviews. Recommends further action on accounts as deemed necessary including but not limited to repossession, legal action, foreclosure, and referral to a collection agency. May serve as the liaison for repossession companies.

Duties & Responsibilities 1

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Utilizes effective human relations skills and various forms of communication to present a positive Credit Union image in an already negative situation.
Works with and assists in the cross-training of other department staff as needed to improve the overall efficiency of work completed and to reduce the volume of accounts that roll into the aged delinquency queue.
Pursues collection action by phone, personal contact, and correspondence to secure a satisfactory resolution.
Utilizes appropriate collection methods if initial attempts do not secure required payment or payment arrangements, including recommendations for assignment of repossessions and/or legal action.
Follows up and continues to collect on accounts until the loan becomes a charge-off, included in a bankruptcy, or referred to legal counsel or small claims for judgment and garnishment.
- Performs all duties associated with collections, repossessions, foreclosures, liquidation of collateral, documentation, record keeping, correspondence, and skip tracing.
- Makes recommendations for loan charge-off, small claims, and/or civil litigation actions or assignment to the agency of post-charge-off debt to the Collection Manager.
- Makes recommendations for modifications on member loans that provide benefits to the member and the credit union to reduce the potential for loan loss and continued delinquency.

Requirements & Skills 1

Two years of similar or related duties (as outlined in the essential functions), including time spent in similar or preparatory positions.
- Greater than two years of similar or related duties (as outlined in the essential functions), including time spent in similar or preparatory positions.
- A high school degree or GED.
- A two-year college degree or completion of a specialized course of study.

Job summary 2

The Collections Specialist is responsible for a broad range of collection processes related to medical accounts receivable in support of multiple site locations. The Collections Specialist will proactively work with assigned accounts to maximize accurate and timely payment.

Duties & Responsibilities 2

Requirements & Skills 2

Excellent math and writing skills
Excellent interpersonal, communication, and organizational skills required
Ability to prioritize, problem solve and multitask are required
CPR+ systems experience preferred
- Word, Excel, and Outlook experience required
- High School Diploma or GED required
- Three years or more of strong collections experience

Job summary 3

To help the Company continue to grow and service our customers, we are recruiting for Collections Specialist. This role offers a hybrid work environment with a combination of in-office and remote work from home. To be successful in this role you will manage a portfolio as you administer credit and collections policies and procedures, maintain multiple billing and collections systems, and set up and update commercial accounts.

Duties & Responsibilities 3

Analyze accounts and correspondence daily.
Contact customers (via outbound calls/emails) and receive calls/emails from customers to secure the balance of debt by negotiating payment in full, payment arrangements, and payment terms.
Collect all outstanding receivables on assigned accounts.
- Determine the validity of customer disputes about chargebacks.
- Review and recommend write-offs (adjustments) of accounts.
- Issue refunds with appropriate documentation.

Requirements & Skills 3

Bachelor’s degree in Business Administration, Accounting or Finance or equivalent experience
- 2+ years of experience in commercial collections with strong knowledge of the collection process
- Ability to negotiate (i.e. ability to use complete information to negotiate the best arrangement)
- Computer literate with the ability to meet daily productivity and quality standards

Job summary 4

A Collections Specialist performs designated collection activities for assigned agencies to ensure receivables are reimbursed in an accurate and timely manner. Works directly with the payer and internal and external customers toward efficient and effective collection results. Works under moderate supervision.

Duties & Responsibilities 4

Ensures the coordination of collection activities for designated accounts, leading to the timely reimbursement of receivables using available resources including internal/external databases, payer portals/websites, and telephone.
Determines and initiates appropriate action to resolve denied/rejected invoices and prepares payer corrections and/or appeals by payer plan requirements using electronic and paper processes.
Review EOPs/EOBs/RAs/EOMBs for accuracy of patient responsibility.
Analyzes and clears payment variances. May prepare adjusted and corrected bills, adjust accounts receivable entries, or prepare refunds by existing operating procedures.
- Participates in payer webinars and conference calls covering a wide range of topics that enables the RCM team to effectively collect accounts receivable.
- Prepares special handling and/or reconciliation spreadsheets for payers and/or clients.
- Participates in special projects and performs other duties as assigned.

Requirements & Skills 4

High school diploma or general education degree (GED); or two-three years related experience and/or training; or equivalent combination of education and experience.
Microsoft Office Applications – intermediate skill required.

Job summary 5

As a Collections Specialist, you will perform collection follow-up on delinquent and/or non-delinquent accounts for medical facilities in a high volume, inbound and outbound, call center environment. You will utilize excellent communication and customer service skills to resolve patient accounts.

Duties & Responsibilities 5

You will refer calls/accounts to appropriate parties based on customer inquiries.
You will identify problem accounts and escalate as appropriate.
You will update the patient account record to identify actions taken on the account.
You will work with patients and guarantors to secure payment on outstanding account balances.
You will maintain minimum production and quality standards.
You will achieve passing quality review scores per unit requirements.
- You will produce acceptable unit collection volumes.
- You will work within company attendance guidelines.
- You will provide excellent customer service.

Requirements & Skills 5

High School diploma or GED preferred
Minimum one year related experience preferred, preferably in healthcare

Job summary 6

The Collections Specialist will be responsible for maintaining assigned accounts/portfolios. The duties of a Collections Specialist include collection calls and/or correspondence in a fast-paced goal oriented collections department.

Duties & Responsibilities 6

Requirements & Skills 6

5 + years of work experience managing high-profile commercial accounts – large
Must have excellent communication and negotiation skills
Ability to work in a fast-paced environment where changes to the procedure are common
Ability to use multiple systems concurrently
Must possess analytical skills relating to customer service and collections
Problem Solving - Identifies and resolves problems promptly; gathers and analyzes information skillfully
- Customer Service - Responds promptly to internal and external customer needs
- Quality - Demonstrates accuracy and thoroughness; Monitors own work to ensure quality
- Position requires strong PC skills and a working knowledge of Outlook, Windows, Word, and Excel

Job summary 7

Collections team is hiring for a Collections Specialist! The Collections Specialist’s goal is to assess each member’s situation with compassion, empathy, and persistence, and craft a unique solution to fit their needs. As a Collections Specialist, you will put your detective skills to the test as you persistently work to resolve delinquent accounts. You have a passion for analyzing puzzles, and strategically putting the pieces together. You find comfort in communicating the ‘tough stuff’ with compassion and clarity. You are familiar with the ins and outs of working in a financial institution; familiarity with collections practices is a perk, but not required. Organization and task-oriented work are where you shine; you enjoy problem-solving independently, while still collaborating with your team when needed.

Duties & Responsibilities 7

Review and collect on assigned delinquent loans by gathering background data, documenting member conversations, and ensuring required notifications are sent to members
Analyze accounts to determine the next steps (i.e. account type, the amount owed, credit score, collateral value, etc.)
Work as a team to meet specific department goals for delinquency and net charge offs
- Correspond with attorneys regarding accounts that have been sent out for legal
- Serve as a liaison for auto repossession agency & agents
- Serve as an engaged member of the Collections Team by taking ownership of and recommending a change in operations to enhance productivity and improve service

Requirements & Skills 7

Job summary 8

The Collections Specialist will contact former students to obtain payment on delinquent receivables in a respectful, tactful, and solution-focused manner.

Duties & Responsibilities 8

Contact students by phone and in writing to secure payment arrangements in adherence with Fair Debt Collection Practices Act (FDCPA) laws and internal policies and procedures.
Counsel students and utilize critical thinking and problem-solving skills to overcome obstacles to obtain payment commitments.
Employ effective skip-tracing techniques to locate and notify students of delinquent accounts.
Obtain and update demographic information and maintain concise notes for each call.
- Resolve disputes and ensure that caller concerns are addressed.
- Update the manager on the status of accounts and special situations.
- Other responsibilities as needed.

Requirements & Skills 8

High School Diploma or GED Required
Bi-lingual candidates (English/Spanish) a plus
Minimum of two years of collections experience preferred
Strong interpersonal communication skills both verbal and written
Proficient listener, negotiator and influencer
- Ability to be empathetic, tactful, and resilient
- Ability to problem solve, multitask and maneuver various systems
- Knowledge of collections practices and laws

Job summary 9

We are actively seeking a Collections Specialist to support the collections function by ensuring that all aging targets are met. The role includes being the primary point of contact for customers in securing payments and working with internal teams to ensure the timely resolution of outstanding issues. This position proactively manages an assigned group of customer accounts receivables through direct customer contact to minimize past-due balances.

Duties & Responsibilities 9

Following established guidelines, contacts assigned accounts directly to effectively collect outstanding monies. Exercises independent judgment in obtaining payments.
Ensures barriers to payment, such as proper approvals, expired POs, and disputes are quickly identified and mediated. Communicates issues to the appropriate party conduct research as necessary and follows through to resolution (successful collection and application).
- Develops effective relationships with customers. Understands their process, key players, and how to work efficiently within their system to collect outstanding balances effectively.
- Keeps accurate records tracking the progress and status of accounts.
- Occasionally, performs other duties as assigned.

Requirements & Skills 9

Knowledge typically gained through 3 years of practical experience in Credit and/or Collections
Achievement of an AA degree or equivalent preferred but not required
Ability to tactfully communicate (oral and written) with customers and make effective decisions on how the account should be handled
- Proficient in Microsoft Office and technology applications experience
- Strong analytical skills are required
- Ability to work in a team environment in making business decisions and implementing process

Job summary 10

A Collections Specialist performs the accounting function of Accounts Receivable by collecting money on past-due invoices.

Duties & Responsibilities 10

Researches and resolves payment discrepancies.
Resolves disputes and make recommendations for adjustment to account invoices as needed.
Contacts customers via phone/email to inquire about payment on past-due invoices.
- Provides Manager weekly customer account details regarding disputes and action steps taken to resolve.
- Interacts with Internal Sales and Service personnel regarding customer disputes.
- Performs related duties as assigned or as the situation dictates.

Requirements & Skills 10

Frequently asked questions

What does a collections specialist do?

A collections specialist is a professional who is responsible for managing and collecting unpaid debts from customers or clients. Their primary goal is to recover delinquent debts while maintaining positive relationships with the customers. Here are some of the main tasks that a collections specialist may perform:

Contacting customers: A collections specialist contacts customers by phone, email, or mail to request payment for overdue bills. They may also try to negotiate payment plans or settlements with customers.

Resolving disputes: Collections specialists may need to investigate and resolve disputes regarding billing or payment issues and work to resolve these issues with customers.

Maintaining records: Collections specialists maintain detailed records of all customer interactions, payment history, and account status.

Reporting: Collections specialists generate regular reports on the status of outstanding debts, progress toward recovery, and other relevant metrics.

Compliance: Collections specialists must be knowledgeable about state and federal laws that govern debt collection practices, and ensure that they are complying with these regulations.

Customer service: Collections specialists must be able to provide excellent customer service while collecting debts. This means that they must be able to communicate clearly and professionally and be empathetic to customers who may be experiencing financial difficulties.

Negotiation: Collections specialists must be skilled negotiators who can work with customers to find payment solutions that are acceptable to both parties.

Overall, a collections specialist plays a critical role in ensuring that businesses can recover delinquent debts, while also maintaining positive customer relationships. They must be skilled communicators, negotiators, and problem-solvers, and must be able to manage complex financial records and comply with legal regulations.

What skills does a collections specialist need?

To be an effective collections specialist, several important skills are required. Here are some of the key skills and qualities that collections specialists should possess:

Strong communication skills: Collections specialists must be able to communicate effectively and clearly with customers, colleagues, and other stakeholders. This includes the ability to speak persuasively, listen actively, and convey complex financial information in a way that is easy to understand.

Good negotiation skills: Collections specialists should have strong negotiation skills, and be able to work with customers to find mutually acceptable solutions to payment issues.

Attention to detail: Collections specialists must be detail-oriented and able to manage complex financial records accurately.

Customer service skills: Collections specialists should be able to provide excellent customer service while collecting debts. This means that they must be able to communicate professionally and empathetically and be sensitive to customers who may be experiencing financial difficulties.

Persistence: Collections specialists must be persistent in their efforts to recover debts while maintaining positive relationships with customers.

Problem-solving skills: Collections specialists must be able to identify and solve complex payment issues and work to resolve disputes with customers.

Compliance knowledge: Collections specialists must know state and federal laws that govern debt collection practices, and ensure that they are complying with these regulations.

Multitasking abilities: Collections specialists often have to manage multiple customer accounts simultaneously and must be able to manage their time effectively.

These are just some of the skills that are important for collections specialists to have. The specific skills required may vary depending on the industry and the company they work for, but having a combination of communication, negotiation, customer service, problem-solving, and compliance skills is key to success in this role.

Olivia Powell
Recruiting expert

Last updated Sep 26

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Frequently asked questions

What does a collections specialist do?

What skills does a collections specialist need?

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