The economy has actually created a great platform for individuals who work within the collection industry. While unemployment is high, this industry is booming. However, prior to being able to work within this booming industry, individuals have to undergo credit and collections training.
Collectors have received a bad reputation for the job that they do. One thing that a lot of people do not realize, is that working as a collector is a difficult thing to do, but it can also be extremely lucrative. As long as people are being given the option to finance things, and are being given credit cards, collectors will always be there.
The tasks that you will have to perform are fairly simple. You will be given accounts to work on. Once you receive those accounts, it is your job to call the people who those accounts belong to, and collect the money that is owed. Being a collector is not hard, but it does take some negotiation and persuasion skills, in order to be able to perform the tasks right.
The training to work in this type of position is intense. Collectors are required to follow a set of rules, whenever they collect money from someone. These rules are actually a written law that is known as the FDCPA. This law is not anything new, it was originally passed in 1973.
There have been multiple court cases that have went to the Supreme Court, due to individuals violating this act. In most situations, the collector that violated the act, was fired from their employer, and required to pay a fine. This is a serious manner, and can jeopardize an individual’s chances of ever being hired on by another agency.
Working in this type of industry can be difficult to do. Your job will be to contact ordinary individuals that have not made their payments. In many cases, the individuals that you will be calling, will not have any resources available to pay the amounts that they owe. This is where your negotiation skills will be needed.
Your job will be to help the individual locate the money to pay you with. In some cases, this is easier said than done, because most people would rather eat glass than speak with a collector. In fact, the job is so stressful, that many people working in the industry, can only survive to work in it for a short frame of time, before they quit.
However, just because the industry has a high turnover rate, this does not mean that it is not a decent job. There are a lot of people that have managed to make great careers working as collectors. With the right credit and collections training, it is possible to make hundreds of thousands of dollars. You just need to be dedicated, and willing to go the extra mile.
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