Those working in collections are an important part of the financial industry and in financial departments of a wide variety of organizations, including independent collection agencies. These individuals help a company’s accounts payable department to collect or regain outstanding debts in addition to processing payments and reviewing accounts for delinquencies. They will often work to reconcile discrepancies, often with compromise, so as to best serve the needs of the company as well as the borrower.
There are a number of job titles ranging from clerks and agents to assistants and supervisors in this field and there are areas of specialization as well. Those working in collections typically spend a good deal of time on the phone coordinating with customers, lenders, managers, legal experts, bankers and numerous other individuals.
Salaries for those working in collections in Canada range significantly depending on the exact position and the individual’s experience, though typical figures span from about C
$30,000 a year to nearly C
$50,000 for those in managerial posts.