Collections Associate

About the role

This role involves engaging with borrowers who have overdue accounts through various communication channels, including phone, email, and written correspondence. A key responsibility is to negotiate repayment plans or settlements that align with both the borrower's financial situation and the organization's policies, while also guiding them through the payment resolution process. Success in this position means effectively managing a caseload of accounts, ensuring positive interactions even in challenging circumstances, and helping borrowers navigate their financial obligations.

The Collections Associate is expected to address borrower inquiries regarding account details and payment history, maintaining a professional and courteous demeanor throughout all interactions. Meticulous documentation of all communications, agreements, and promised payments is crucial for maintaining accurate records. This detailed record-keeping supports compliance and provides a clear history for each account, contributing to efficient collections processes.

A significant aspect of the role is ensuring strict adherence to relevant debt collection laws, regulations, and industry standards, such as the Fair Debt Collection Practices Act. The associate will also provide regular updates and reports on collection activities, progress, and any emerging issues to supervisors. This requires a strong understanding of compliance requirements and the ability to communicate effectively about caseload status and performance.

The compensation for this role ranges from $49,920 to $67,920 annually, which includes a base hourly rate of $24 and potential monthly bonuses.

Skills that matter here

• default or in-house collections: The role requires experience in managing overdue payments and negotiating repayment plans, with a preference for early-stage delinquencies.
• contact center environment: This position operates within a structured contact center setting, handling borrower interactions primarily through phone and electronic communication.
• mortgage, financial services or banking: Familiarity with these sectors is preferred, as the role involves collecting on financial products and understanding industry-specific contexts.
• communication and negotiation skills: These skills are essential for interacting with borrowers, discussing sensitive financial situations, and reaching mutually agreeable repayment solutions.
• debt collection laws and regulations: A solid understanding of relevant legal frameworks is necessary to ensure all collection activities are compliant and ethical.
• computer systems, databases, G Suite: Proficiency with these tools is required for documenting interactions, updating records, and managing account information efficiently.

Who this role suits

• A person who thrives in this role can handle difficult conversations with empathy and maintain composure under pressure.
• Someone who is highly organized, detail-oriented, and capable of prioritizing tasks effectively to manage a caseload.
• An individual who is adaptable and open to ongoing process refinements, demonstrating a flexible learning style.
• A candidate who approaches customer service with a positive, problem-solving mindset and can build trust with customers.

From the employer

What You’ll Do

• Initiate communication with borrowers with overdue accounts via phone, email, or written correspondence.
• Follow established procedures and applicable regulations for reaching out to borrowers and documenting all communication.
• Negotiate repayment plans or settlements with borrowers based on their financial situation and the organization's policies.
• Provide information on available payment options and guide borrowers through the process of resolving their outstanding balances.
• Address inquiries from borrowers regarding their accounts, payment history, and related matters.
• Maintain a professional and courteous attitude, ensuring positive interactions even in challenging situations.
• Document all interactions with borrowers, including details of conversations, agreements, and any promised payments.
• Update and maintain accurate records of accounts, payments, and communication history.
• Ensure compliance with relevant laws, regulations, and industry standards governing debt collection practices (e.g., Fair Debt Collection Practices Act).
• Provide regular updates and reports on collection activities, progress, and any issues to supervisors or management.

What We Look For

• 1-2 years of experience with default or in-house collections, 0-60 day delinquency preferred.
• 1-2 years of experience in a contact center environment.
• Previous experience in mortgage, financial services or banking preferred.
• Strong communication and negotiation skills.
• Familiarity with debt collection laws and regulations.
• Ability to handle difficult conversations and maintain composure under pressure.
• Proficient in using computer systems, databases, G Suite, and relevant software.
• Able to commute to our Charlotte, NC office on a hybrid basis.
• A quick and flexible learning style with the ability to navigate new technology platforms.
• A positive and problem-solving approach to customer service.
• Excellent communication and relationship-building capabilities.
• Ability to instill trust and rapport with customers.
• Strong organizational and prioritization skills.
• Flexibility and adaptability to ongoing refinements in process and structure.

Salary

• Compensation: $24/hour
• Monthly bonus opportunity: $200-$1,500/month

Benefits

• Comprehensive medical, dental, and vision coverage, with 100% employer-paid premiums for employees and their dependents on select plans.
• Company HSA, FSA, Dependent Care FSA, 401(k), and commuter benefits.
• Employer-paid life and disability insurance.
• 11 observed holidays and PTO plan.
• Up to 12 weeks of paid family leave.
• Continuing education reimbursement.