Collection Specialist

Location

Reston, VA | United States

Job description

Position Overview: As a Debt Collector with [Credit Union/Bank Name], you will be responsible for managing and recovering delinquent accounts. This role requires a combination of effective communication, negotiation skills, and a commitment to upholding ethical collection practices.

Key Responsibilities:

1. Delinquency Management:

   • Monitor and manage delinquent accounts within the credit union or bank's portfolio.
   • Implement strategies to minimize the risk of loan defaults.

2. Communication:

   • Contact members with delinquent accounts through various channels, including phone calls, emails, and letters.
   • Engage in professional and empathetic communication to understand members' financial situations.

3. Negotiation:

   • Negotiate repayment plans and settlements with members to resolve delinquent accounts.
   • Work collaboratively to find feasible solutions based on members' financial capabilities.

4. Documentation:

   • Maintain accurate and detailed records of all communication and negotiation efforts.
   • Document agreements and arrangements made with members.

5. Compliance:

   • Ensure compliance with all relevant laws and regulations governing debt collection practices.
   • Stay informed about industry best practices and changes in collection laws.

6. Reporting:

   • Provide regular reports on the status of delinquent accounts to management.
   • Collaborate with team members to analyze trends and develop proactive strategies.

7. Customer Service:

   • Provide exceptional customer service to members, addressing inquiries and concerns professionally.
   • Educate members on financial management and responsible borrowing practices.

8. Legal Referrals:

   • Initiate legal actions, including the preparation of legal documents, when necessary.
   • Collaborate with legal counsel to pursue legal remedies for unresolved accounts.

Qualifications:

• High school diploma or equivalent; additional education or certifications in finance or collections is a plus.
• 1+ years of experience in debt collection within a credit union or bank setting.
• Thorough knowledge of debt collection laws, regulations, and ethical practices.
• Strong negotiation and problem-solving skills.
• Excellent communication and interpersonal skills.
• Proficiency in using collection software and related tools.
• Ability to work independently and as part of a team.
• Commitment to maintaining confidentiality and handling sensitive information with discretion.

Job tags

Salary