Debt collectors, as the designation suggests, are individuals who follow-up with clients who have not paid their dues. These people can be hired in organizations that are dedicated to handling debt collection work, or be part of the debt collection department of a business, depending on their specific job standing. The work of a debt collector is challenging to say the least, and requires much in terms of aggressive follow-up.
A high school diploma or a GED is usually sufficient to work as a debt collector. Once you are hired by an organization, you will be provided with training to make sure that your debt collection activities are in sync with what the company requires. This work is not for everyone. Unless you have a certain type of personality, this work can quickly become discouraging. What type of personality? Well, let’s say that you need to be aggressive, assertive, kind, patient – sometimes all of these in one go!
Making debtors pay what is owed to a company is difficult work. If they haven’t paid up yet, what makes you think they will now? That’s where you come in! It is up to you as a debt collector to make things easy for the company to operate, by bringing in money to maintain good cash flow. Here is a list of things that you will be doing in this role:
• Look through assigned defaulters’ list to determine high-profile cases, and ensure that they are placed on the priority list
• Check account information to determine clients’ payment backgrounds and histories
• Strategize ways of contacting delinquent account holders to ensure prompt payments
• Contact delinquent account holders through email, telephone and in person and provide them with information on outstanding debts in their account
• Handle aggressive follow-up by sending in letters and telephone reminders to encourage clients to pay immediately
• Gauge clients’ personalities to determine if they will actually make payments and create correlating notes in their files
• Provide delinquent account holders with information on how they can pay back their debts through easy installment plans
• Create repayment plans according to the debtors’ requirements, while remaining within the limitations of professional protocols
• Obtain payments from defaulters on a regular basis and ensure that fully paid accounts are purged immediately
• Respond to clients’ inquiries regarding outstanding payments in their accounts by checking the company database
• Educate clients (both regular and defaulters) about ways to keep debts at bay, through appropriate use of funds in their accounts