Collection Officer

Roles and responsibilities

We are looking for a collections officer to assist with the collection of outstanding debts. The collections officer will contact clients and inform them of their debts, negotiate payment plans, and ensure payments are made as soon as possible. You may also be required to institute legal action when payments are not made.

To ensure success as a collections officer, you should have excellent communication, negotiation, and mathematical skills, as well as attention to detail. A skilled Collections Officer should be able to reduce company losses by encouraging customers to pay their overdue bills.
Debt Recovery: Contact customers or clients with overdue accounts to arrange payment or negotiate a payment plan. This can involve both inbound and outbound calls, emails, or written correspondence.

Negotiation: Work with debtors to create suitable repayment schedules or settle debts. Negotiate terms that benefit the organization while being feasible for the debtor.

Account Management: Track and maintain an up-to-date record of overdue accounts, payment arrangements, and communication with debtors. Ensure accurate documentation of collection efforts and payment statuses.

Dispute Resolution: Resolve any disputes or concerns raised by customers regarding their outstanding debts. Investigate the nature of the dispute and collaborate with relevant departments (e.g., customer service or legal) to resolve it.

Legal Compliance: Ensure all collection activities comply with relevant local, state, and national regulations, such as the Fair Debt Collection Practices Act (FDCPA) or similar laws in different countries. Avoid practices that could be considered harassment or unethical.

Credit Reporting: Report overdue accounts to credit bureaus in accordance with company policy and applicable regulations, and assist in the resolution of negative credit reporting.

Debt Portfolio Management: Regularly assess and prioritize collection efforts based on account balances, payment history, and customer profiles. Determine which accounts need more aggressive follow-up and which accounts can be placed in a different status (e.g., final demand, legal action).

Desired candidate profile

Bachelor’s degree* Debt Collection and Analytical Skills.* Strong Customer Service and Communication skills.* Knowledge of Finance and accounting principles* Ability to work independently and in a team.* Excellent negotiation and problem-solving abilities.* Proficiency in Microsoft Office tools.*Preferring working in field*Problem-solving skills
Excellent Communication Skills: Ability to communicate clearly and professionally with customers, clients, and internal teams. Strong verbal and written communication skills are essential for negotiating and handling sensitive situations.

Negotiation Skills: Strong negotiation skills to settle debts, structure repayment plans, and maintain a positive relationship with the debtor.

Attention to Detail: Ability to accurately track overdue accounts, record payment history, and ensure all information is up to date and in compliance with company policies and legal requirements.

Problem-Solving: Ability to resolve customer disputes, identify the root cause of payment issues, and develop solutions to ensure payments are made.

Legal and Regulatory Knowledge: Familiarity with debt collection laws and regulations, including the Fair Debt Collection Practices Act (FDCPA), Consumer Credit Protection Act, or other relevant local or international regulations.

Conflict Resolution: Skill in managing conflicts or complaints and defusing potentially hostile situations while still ensuring that collection objectives are met.

Organizational Skills: Strong ability to manage multiple accounts and deadlines while ensuring all necessary follow-up actions are taken.

Empathy and Patience: Ability to deal with difficult or frustrated customers, maintaining professionalism and empathy while still pushing for the resolution of overdue payments.

Analytical Skills: Ability to analyze customer payment histories, identify patterns, and develop appropriate collection strategies.

Basic Financial Knowledge: Familiarity with billing, invoicing, and accounting procedures to effectively handle debt recovery and understand financial implications.