A collections representative tries to collect overdue debts owed to a company, using various methods including phone, mail, and in-person visits. They track down debtors using resources like credit bureaus and public records, and help customers settle debts or resolve issues. The job can be challenging and unpredictable.
A collections representative tries to collect money owed to a company. This money can include overdue bonds, debt owed to the company, or various other types of overdue credit. A collections representative may be employed by a company, where he only collects debts owed to that company. He may also work for a general collection agency, where he tries to collect debts owed to a variety of different companies. Collections representatives may also be known as account collectors or accounts receivable specialists.
Depending on where he works and the policies of that company, a collections representative interacts with consumers in a variety of ways. He can try to contact the debtors using the telephone or simply by mail. Those who have access to the customer’s email account can attempt to contact the customer using this method. Others may be forced to approach the customer in person at their home or business.
Much of the collections representative’s work focuses on tracking down people who owe money. These debtors may be deliberately trying to avoid debt or simply don’t have the money to pay even if they wanted to. Collectors often contact the account holder’s friends and family in an effort to find current contact information. They can also rely on resources like the post office, credit bureaus, and public records to find a customer’s address or phone number. Once the collections representative has secured this information, he uses it to try to make contact with the customer.
If the billing representative can contact the debtor, he or she informs the debtor of the money owed and asks when payment can be expected. He can help the account holder come up with a payment plan to settle the debt or even accept a lesser amount than what is owed to settle the debt. If the customer believes that the debt has been settled or the information is incorrect, the billing representative can help with any questions or issues the customer may have. Collection agents also correspond with major credit bureaus to update them on debts that have been paid or that may be in error.
While a collections representative’s job may seem quite mundane, these professionals face a great deal of scrutiny and complaints. They often deal with dissatisfied customers and face many dead ends in the search for an account holder. Some earn a percentage of all the money they collect, which can lead to unpredictable salaries in difficult months.
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