Expand mobile version menu
  Skip to main content

Bill and Account Collector

job outlook graphic

JOB OUTLOOK

Stable

Interviews

Insider Info

Collection work is both frustrating and stressful, says Michelle Dunn. But she adds, "it is sometimes rewarding as well."

Dunn owns a collection agency in New Hampshire. She says the job can be both frustrating and stressful when creditors dodge your calls or scream at you. "It can be very frustrating to just be ignored," she says.

"I get very excited when I get a response from a debtor that I could not get to respond at first."

She uses some tricks of the trade to get those responses.

"I sometimes stamp the outside of envelopes with something like 'confidential' or 'personal.' If you hand write it on the envelope instead of typing it, or use a stamp rather than running it through a postage meter, these are things that will get a debtor to open your letter. Once they open it, if you can grab their attention and get them to respond, you're halfway there," she says.

"Another satisfying aspect of the job is when you get a call or note from a debtor thanking you for how you handled their account and letting them make payments. I have received letters from a debtor with a final payment that said, 'Thank you for not just treating me like a number.'"

Dunn now runs her own agency in order to spend more time with her family. She started out in the accounts receivable department of another company and graduated into collections there.

"I had gone to college for accounting and was so interested in credit and collections that I continued to read and learn more about it and then was promoted to credit manager," she says.

She worked for a few different companies and then started her own agency from her home. "I am very satisfied. I love my job and my work."

Steve Rapaport of New York also owns an agency and started out as a collector. When he was a college student majoring in business, he attended a business seminar and ran into a friend there who offered him a part-time job at his agency. He's been in the business ever since.

How does he deal with the frustrations of angry debtors? Very patiently. "The first thing you're taught is not to take it personally," he says.

Communication skills are naturally important. "You have to learn to listen to what each party is asking for and come back with the proper response." He doesn't like a lot of the negative publicity his field gets in the media. "It's a professional service that there is a need for."

In fact, contrary to the media stereotypes that sometimes portray collection techniques as little more than strong-arm tactics, he sees what he does as "acting as a mediator." The goal is to get a satisfactory result for both parties, if possible.

The need for bill collectors arises from the need in modern society for credit. Geoff Wilkinson is general manager of a credit institute. "Credit is the lubricant that enables the wheels of commerce to turn," he says.

"Without the availability of credit, it would be difficult, if not impossible, to purchase homes, automobiles, furniture, major appliances and other modern necessities. Without credit, our banking system would cease to exist."

And when you buy something on credit, the idea is to pay it back. "The providing of credit implies trust on the part of the person providing the credit and responsibility on the part of the borrower who promises to abide by the terms under which the credit was obtained," says Wilkinson.

"Credit management is both an interesting and challenging career, although it is not an exact science. Rather, it is something that requires a deep understanding of human nature along with a corresponding knowledge not only of finance, but also of other facets of business."

Kecia Kesler runs a family collection business in Kansas. "It is only in the last few years that a career in the collection industry has become popular or sought after. Previously, family business was the main reason to become a bill collector," she says. "In my case, it fell into my lap and I started as a collector."

She didn't finish her education until she had a few years of experience, but found the business management courses helpful. She's now the CEO with a staff of 13. She also has plans to go to law school to handle the legal work for her agency.

Although being a collection clerk may be too stressful for some people, Kesler believes most of her employees are satisfied. "We have very little turnover, so I am certain my collectors are happy here."

In this field, there is a concrete sign of a job well done: a check.

"I think all of my collectors feel great when a debtor gets his bill paid and says, 'Thank you for working with me on this.' We handle mostly medical accounts, which are more sensitive. We still get the job done, but we allow the debtors to keep their dignity. We also love to get a huge payoff from an insurance company that would not have paid if we hadn't forced them to."

Contact

  • Email Support

  • 1-800-GO-TO-XAP (1-800-468-6927)
    From outside the U.S., please call +1 (424) 750-3900

Support


Powered by XAP

OCAP believes that financial literacy and understanding the financial aid process are critical aspects of college planning and student success. OCAP staff who work with students, parents, educators and community partners in the areas of personal finance education, state and federal financial aid, and student loan management do not provide financial, investment, legal, and/or tax advice. This website and all information provided is for general educational purposes only, and is not intended to be construed as financial, investment, legal, and/or tax advice.