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Home » Career Mentor » Debt Collectors
Career Mentor Details of "Debt Collectors"

Name of The Profession

Debt Collectors

Who is a Debt Collectors and what does he/she do?

A debt collector works for a collection agency that is involved in the business of pursuing payments on debts owed by individuals. They operate as agents of creditors to collect debts for free or take some percentage of the total amount.

There are different types of collection agencies; first-party agencies are subsidiaries of the company from which the debt is owed. Companies hire third-party agencies to collect the debts for a fee on their behalf. Debt buyers are a part of another growing industry in which a debt is purchased at a fraction of its initial value by an agency and then collects upon it. There are different rules and regulations regarding collection agencies for different countries, which are often very aggressive.

Qualifications Required

Debts collectors should have good written and oral communication skills. They should have good organizational and decision-making abilities along with computer skills. They should be honest, polite, tactful and firm in dealing with people.

Where can I go and study to become a Debt Collectors?

       India

  • Sikkim Manipal University,
  • Amity School of Distance Learning (ASoDL), Noida.
  • SRM UNIVERSITY, Chennai.
  • SD College (Goswami Ganesh Dutta Sanatan Dharma College), Chandigarh.
  • MassCoMedia - Mass Communication College in Delhi India, Noida, Uttar Pradesh.

       UK

  • Gateshead College
  • Harlow College
  • Midwest College

       USA

  • Arizona State University
  • Ohio State University-Main Campus
  • University of Florida
  • University of Minnesota-Twin Cities
  • The University of Texas at Austin

Where can I work as a Debt Collectors?

  • Government organizations
  • Banking sector
  • Private financial firms
  • Financial industries

Potential earning capacity per annum:

The fee for debt collection depends on age of the account, type of debt and number of attempts made to collect it. On an average the range could be from 15% to 35%. Some offer a flat fee on the collection.
 
 
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