How does a person become a debt collector?
Credit: spxChrome E+ Getty Images
Q:

How does a person become a debt collector?

A:

Quick Answer

According to the U.S. Bureau of Labor Statistics, becoming a debt collector usually requires a high school diploma and a few months of on-the-job training. However, some employers prefer applicants to have taken some college courses to prepare for the job. The BLS lists accounting, communication and basic computer courses as the most helpful to aspiring debt collectors.

  Know More

Full Answer

After being hired as a debt collector, 1 to 3 months of on-the-job training is common, according to the BLS. This might include learning state debt collection laws and laws set by the Fair Debt Collection Practices Act. It can also include learning about the particular employer’s policies, expectations and software.

According to the BLS, debt collectors must have good listening, negotiating and speaking skills. Negotiating repayment plans is a big part of the job, and listening to the specifics of a debtor’s situation can help collectors come up with a solution that works for both parties. Debt collectors must also be able to speak clearly to explain options and solutions in a way that debtors can fully understand.

The BLS reports that debt collection jobs are expected to grow by 15 percent between 2012 and 2022, which is faster than the average for all jobs. This is due in part to the rise in health care costs and the increasing number of credit card companies selling their debts to collection agencies. As of May 2012, the median annual salary for this occupation was $32,480.

Learn more about Career Aspirations

Related Questions

  • Q:

    What skills and credentials are needed for rock truck jobs?

    A:

    To become a rock truck driver or other construction equipment operator, a high school diploma or GED equivalent is needed, along with trade school or employment that offers on-the-job training or apprenticeships. A commercial driver’s license may be required, and some states require other special heavy-equipment operator’s licenses.

    Full Answer >
    Filed Under:
  • Q:

    How do you become an EKG technician?

    A:

    EKG technicians have earned a high school diploma or GED, have received on-the-job training from an employer and have obtained certification. An EKG technician needs good interpersonal skills, empathy, emotional stability, attention to detail, accurate hand-to-eye coordination, flexibility and physical stamina.

    Full Answer >
    Filed Under:
  • Q:

    Can a debt collector take my car?

    A:

    According to LawNY, a debt collector can repossess a car if the debt is secured. A secured debt has something that is used as collateral for the loan. In this case, the car is collateral for the loan and it may be repossessed if the loan is not paid.

    Full Answer >
    Filed Under:
  • Q:

    What is the job description for a debt collector?

    A:

    A debt collector or bill and account collector works to collect past due debt from consumers. They may locate consumers who owe money to a client, inform consumers about overdue bills, negotiate for payment of money owed or track down consumers who owe money and try to collect it from them.

    Full Answer >
    Filed Under:

Explore