Outstanding payments from clients can be a source of great distress for companies.
Collections representatives are hired to ensure that overdue bills or loans are paid back to a company.
They reach out to clients to solicit payments from clients as they act as a bridge between them and the company’s collections or accounts departments.
One of the most important aspects of a collections representative’s job is to make lists of clients who need to pay bills.
They confer with accounts departments to determine who needs to pay how much. They then make telephone calls to clients in a bid to expedite payments.
Skills and Abilities
Collections representatives need to be good conversationalists as they come in contact with all types of clients – those who pay and those who refuse to pay.
It is important to exercise tact to handle the latter. That is why much stress is placed on a candidate’s personality when making hiring decisions.
Apart from their regular soliciting work, they handle many office duties such as performing light bookkeeping activities and filing invoices.
If working at this position interests you, the following list of duties will too!
Job Description for Collections Representative Resume
• Confer with collections and accounts departments to single out defaulting accounts
• Make lists of clients who have outstanding payments
• Prioritize lists according to the severity of the delinquency
• Make telephone calls to clients and provide them with information on outstanding bills
• Answer clients’ questions regarding outstanding payments
• Ensure that clients understand the repercussions of nonpayment
• Locate incognito customers by using credit bureau information, loan documents, and other database information
• Inquire from clients about suitable timings to pick up payments
• Provide clients with information regarding deadlines and payment methods
• Listen to clients’ side of the story of the inability to pay and try to determine if they can pay the debt
• Set up repayment plants for clients who may not be able to pay due to genuine reasons
• Ensure that new commitment to pay has been recorded on paper or over the telephone
• Refer customers to debt counselors so that they can take proper advice
• Perform record purging activities after the collection of debt
• Create lists of clients who have paid their debts and send updated information to credit bureaus and other concerned agencies
• Receive payments from clients and post them to their accounts
• Perform credit extension negotiation activities when deemed necessary