Find out the top 10 core skills you need to master as a collections officer and what hard skills you need to know to succeed in this job.
A Collections Officer is liable for performing loss mitigation and recovery activities regarding delinquent or charged-off accounts in compliance with the Bank and legal guidelines that include the related state and federal regulations.
Duties for this position include collecting payments on past due bills, locating customers using credit card bureau information, background checks, loan documents, and other databases, reviewing terms of sale or loan documents, organizing the list according to severity of delinquency, creating lists of people who have not made payments, ensuring all the customer's information is correct, including the phone numbers and addresses, using skip tracing to update the records, collecting payments, offering advice or referring customers to debt counselors, setting up repayment plans and new terms of sale.
Core Skills Required to be a Collections Officer
Core skills describe a set of non-technical abilities, knowledge, and understanding that form the basis for successful participation in the workplace. Core skills enable employees to efficiently and professionally navigate the world of work and interact with others, as well as adapt and think critically to solve problems.
Core skills are often tagged onto job descriptions to find or attract employees with specific essential core values that enable the company to remain competitive, build relationships, and improve productivity.
A collections officer should master the following 10 core skills to fulfill her job properly.
Critical Thinking is the ability to think clearly and rationally while understanding the logical connection between ideas in a reflective and independent thinking.
A Collections Officer will always seek to determine whether the ideas, arguments and findings do represent the entire picture while identifying, analyzing and solving problems by deducing consequences from what he knows and making use of the information gathered.
Administrative Skills are all the services related to the running of a business or keeping an office organized while supporting the efforts of the management team.
A Collections Officer must develop these skills and emphasize the administrative skills to ensure high-level responsibilities that range from planning large scale events to creating presentations and analyzing financial data are handled carefully and efficiently.
Interpersonal Skills are a set of abilities that enable a person to positively interact and work with others effectively while avoiding office disputes and personal issues with each other.
A Collections Officer must learn the importance of these skills in the workplace and emphasis on every employee possessing them to build a more cohabit able and productive workplace with the help of each.
Managing at team:
Managing is the administration of an organization which includes activities of setting the strategy of an organization and coordinating the efforts of the employees to accomplish its objectives.
A Collections Officer must learn the art of creating corporate policy, organizing, planning, controlling and directing organization resources to achieve the aims of the policies formed while making decisions to oversee the enterprise.
Creativity is the skill of turning new and imaginative ideas into reality through the ability to perceive the world in new ways, find hidden patterns, make connections between unrelated phenomena and generate solutions.
A Collections Officer should be able to think, then reproduce ideas and act on them to bring awareness of what was currently hidden and point to a new life that will progress the business to new heights.
Orientation to Work:
Orientation to Work is the introduction that is given to a new worker whereby he is introduced to coworkers and given relevant information like schedules, performance standards, benefits and facilities, names of the supervisors, etc.
A Collections Officer must ensure that all new employees go through an orientation process to assimilate into the workplace and become familiar with what is expected of them.
Competitiveness is the skill of being able to compete as a team or a company with other enterprises in the same line of entrepreneurship and emerging as the winner.
A Collections Officer needs creativity in setting the pace for the organization on the policies and factors that determine the level of productivity of their enterprise against their competitors leading to the growth of the business and the income.
Financial Management is the skill of learning how to handle accounting, finance, and organizational management through providing daily data on the operations that take place every day.
A Collections Officer ought to be highly effective in planning and organization, controlling and management of the financial resources to achieve the company's organizational objectives that are laid down to see the growth of the enterprise.
Customer Service is the ability to cater for the needs of the client by providing excellent customer service without compromise.
A Collections Officer must understand that pleasing customers is directly connected to the success of the business, therefore, must create a superior customer experience culture in the company that every employee should follow in ensuring all the customers are treated as they should.
Technology Savvy is the introduction of the digital technology in the workplace as a strategy to make tasks run swiftly against doing them manually.
A Collections Officer must ensure that the technology he introduces to the workplace integrated seamlessly with the workflow and empowers the users rather than complicates and damages the workflow making sure the employees are well prepared and not overwhelmed with the technology.
Hard Skills Required to be a Collections Officer
Hard skills are job-specific skill sets, or expertise, that are teachable and whose presence can be tested through exams. While core skills are more difficult to quantify and less tangible, hard skills are quantifiable and more defined.
Hard skills are usually listed on an applicant's resume to help recruiters know the applicant's qualifications for the applied position. A recruiter, therefore, needs to review the applicant's resume and education to find out if he/she has the knowledge necessary to get the job done.
A collections officer should have a good command of the following hard skills to succeed in her job.