Bill and account collectors typically do the following:
Bill and account collectors generally contact debtors by phone, although sometimes they do so by mail. They use computer systems to update contact information and record past collection attempts with a particular debtor. Keeping these records can help collectors with future negotiations.
The main job of bill and account collectors is finding a solution that is acceptable to the debtor and maximizes payment to the creditor. Listening to the debtor and paying attention to his or her concerns can help the collector negotiate a solution.
After the collector and debtor agree on a repayment plan, the collector regularly checks to ensure that the debtor pays on time. If the debtor does not pay, the collector submits a statement to the creditor, who can take legal action. In extreme cases, this legal action may include taking back goods or disconnecting service.
Collectors must follow federal and state laws that govern debt collection. These laws require that collectors make sure they are talking with the debtor before announcing that the purpose of the call is to collect a debt. A collector also must give a statement, called “mini-Miranda,” which informs the account holder that they are speaking with a bill or debt collector.
Collectors usually have goals they are expected to meet. Typically, these include calls per hour and success rates.
Most bill and account collectors are required to have a high school diploma, although some employers prefer applicants who have taken some college courses. Communications, accounting, and basic computer courses are examples of classes that are helpful for entering this occupation.