How To Become a Credit and Collections Specialist

Individuals interested in credit and collections specialist jobs can look forward to using their analytical, problem-solving, and excellent communication skills to manage customer accounts and resolve outstanding balances. This career can be quite intriguing, but you can't get your start until meeting the right requirements.

So, how can you snag this role? Becoming a credit and collections specialist starts with meeting minimum educational requirements, having good customer service skills, and understanding the basics of accounts receivable.

Many great positions are available to people interested in this job. The key is ensuring you meet the qualifications to beat out other candidates. Exploring the steps you must take to become a credit and collections specialist is a great place to start.

Steps for Becoming a Credit and Collections Specialist

To start a credit and collections specialist career, you'll want to get educated and consider certification. Here are the steps to take to enter this role.

1. Determine the Major You Want To Pursue

Many employers hire credit & collections specialists with a high school diploma or equivalent. However, earning a bachelor's degree is a great way to boost your qualifications. Here are the majors you can pursue:

• accounting
• communications
• business administration
• finance

Credit and collections specialists should have accounting knowledge and good communication skills. Having a background in business or finance can also enhance your ability to excel in this role.

2. Find a School Offering Your Chosen Major

The degrees best suited for individuals interested in credit and collections specialist careers are quite popular. It's easy to find great programs nationwide. Here are just a few,

• Oregon State University offers a Bachelor of Science (BS) in accounting that teaches students about accounts payable, cost management, auditing, and other concepts that could benefit them in the specialist role. There are other affordable online universities in Oregon that offer online accounting degrees as well.
• Indiana State University is one of the colleges in Indiana that features a Bachelor of Arts (BA) in communication that focuses on interpersonal communication, persuasion theories, communication law, and more to enhance specialist skills.
• William Woods University, a Missouri university that delivers a BS in business administration, teaches students budgeting, negotiations, problem-solving, and time management, which are all great skills for individuals interested in a credit and collections specialist role.
• Ball State University offers a BS in finance helping students understand how to manage money through financial planning, security analysis, portfolio management, and more.

3. Obtain an Undergraduate Degree in Your Chosen Major

After selecting the school offering the bachelor's degree you'd like to pursue, your next step is to complete your program. Here's how to get it done:

• Apply at your chosen college (be sure to meet all application requirements, including GPA and prerequisites).
• Once accepted, enroll and begin taking required courses in your desired program.
• Meet all graduation requirements, including the minimum GPA and electives.

Once you've completed all requirements, you're set to receive your undergraduate degree and start your career.

4. Earn a Collections Specialist Certification

To build your skills in collections and improve your ability to secure a role as a specialist, you might consider earning a collections specialist certification. The Association of Credit and Collection Professionals (ACA) offers several credentials. Here are a few:

• Professional Collection Specialist (PCS) is geared toward collectors, people with consumer interactions, and individuals new to collections who want to learn compliance requirements and negotiation skills.
• Credit and Collection Compliance Professional (CCCP) is designed for individuals new to credit and collections compliance responsibilities who want to learn about regulatory compliance, risk management, and more.
• Healthcare Collection Manager (HCM) ensures supervisors and managers of team members know the requirements for working with consumers and clients in the medical debt collection space.

5. Consider an Advanced Degree

Advanced degrees, particularly master's degrees, provide fantastic opportunities for career advancement. After starting as a credit and collections specialist, earning a master's degree and gaining years of experience can help you jump into bigger roles.

Consider a master's degree in accounting, finance, business, or communications. Along with an advanced degree, consider advanced credentials to boost your career. Some from the ACA include the following:

• Collection Industry Professional (CIP)
• Professional Collection Manager (PCM)
• Credit and Collection Compliance Officer (CCCO)

What Is a Credit and Collections Specialist?

A credit and collections specialist ensures outstanding balances are paid and past-due debts are recovered. To learn more about this role, examine the responsibilities, skills, and benefits of being a credit & collections specialist.

Responsibilities of a Credit and Collections Specialist

The responsibilities of a credit and collections specialist will vary depending on the company needing assistance. However, the following are common duties for this role:

• take inbound customer calls related to account discrepancies, collection issues, payment plans, account adjustments, and refunds
• communicate with clients regarding accounts receivable, delinquent accounts, and other collection activities
• create monthly reports analyzing the status of collection accounts
• contact clients to stop accounts from reaching the past-due status

Skills Required To Be a Credit and Collections Specialist

A credit and collections specialist role is rewarding but can also be challenging. Thriving in this position requires special skills, including:

• customer service-based telephone skills
• analytical skills
• time management skills
• written and oral communication skills
• multi-tasking abilities
• negotiation skills
• basic computer skills (proficiency in Microsoft Office and Excel are common)

Being detail-oriented and having accounting knowledge, collections experience, and an understanding of accounts receivable are also recommended.

Benefits of Being a Credit and Collections Specialist

One of the biggest perks of being a credit and collections specialist is the ability to work in your desired role. If you love providing great customer service and taking part in the collections process, this is a great opportunity.

Individuals in this role typically work full time during traditional office hours. However, some enjoy flexible schedules with the ability to make collection efforts during the best times to make calls.

Collections specialist salaries can be quite competitive depending on the employer and industry. Quality compensation packages with benefits like health insurance, dental insurance, and a 401k plan are common perks

The job outlook for individuals in this field is also promising. According to the U.S. Bureau of Labor Statistics (BLS), about 19,200 openings are projected annually from 2022 to 2032 for bill and account collectors like credit and collections specialists.

FAQs About Credit and Collections Specialists

Do you want to learn more about what it takes to work as a credit and collections specialist? Review these frequently asked questions.

Is It Hard To Be a Credit and Collections Specialist?

No job is perfect. Any position comes with ups and downs. Working as a credit and collections specialist is no exception. The greater your skill set and the more work experience you acquire in collections and customer service, the easier your job will be.

How Does a Credit and Collections Specialist Handle Difficult Customers?

Handling difficult customers on a day-to-day basis can be challenging. However, the job description of a credit and collections specialist includes offering quality customer service. Difficult customers often want someone to listen to and resolve their concerns. Quality customer service with compassionate communication can turn a challenging customer interaction into a positive one.

Are There Other Job Titles To Describe a Credit and Collections Specialist?

When looking for roles in this field, don't stop at the job title credit and collections specialist. Other titles that match the collections specialist job description include:

• collections specialist
• collections analyst
• bill and account collector
• accounts receivable specialist