How to Be an Effective Collector

Tips for new collectors, and reminders for the veterans

A professional collector’s day is a grueling one. It’s eight hours of listening to debtors’ problems, complaints, and excuses; dealing with management’s demands for “faster and more”; and essentially, asking everyone you talk to for money. What collections does offer is a potentially lucrative bonus check at the end of the month (depending on the employer), a job that is always in high demand, and a position that doesn’t usually require a college degree.

So, now that you’re a collector, how do you achieve management’s promises of Golden Bonus Checks and random merchandise given to you as incentive for your hard work? Below are some basic rules and tips that can boost your “receivable management” skills and get you into the top collection seat.

{} Know Your Product
Inside and out. Up, down, and across. Above and beyond. There is no excuse to not know everything about the thing you’re collecting on, whether it be credit cards, student loans, mortgages, or furniture. Within each collection niche there are loads of rules, laws, and intricacies that surround the product. Knowing about them will help you devise your own collection patter (or talk-off), answer any questions the debtor has, and give you the edge that you need to succeed. Learn the legal side of collections. A common debtor question is “What will happen if I don’t pay?” Know the answers. If you can explain the legal consequences of non-payment, you’ll have a very compelling reason why someone should pay you – today.

{} WANT to Collect
There is no reason to go through the stress and frustration of a collector unless you commit to collecting. That means having a potentially uncomfortable conversations about finances, personal issues, and excuses with up to 100 people a day. You need to resolve yourself to a simple fact – people owe money, and you need to get it from them. If you are not comfortable with collecting valid debts from people, than it’s not worth becoming a collector.