How to Become a Consumer Loan Collector
Step 1: Understand the job description and responsibilities of a Consumer Loan Collector
What does a Consumer Loan Collector do?
A Consumer Loan Collector contacts customers who are delinquent in the repayment of their loans and obtains payments, commitment agreements or establishes a repayment plan. Follows set policies and procedures when determining suitable collection solution. Being a Consumer Loan Collector requires a high school diploma or its equivalent. Typically reports to a supervisor. To be a Consumer Loan Collector typically requires 1-3 years of related experience. May be entry level if some experience in the skill. Gains or has attained full proficiency in a specific area of discipline. Works under moderate supervision.
A consumer loan collector is a responsible job that all banks need to make sure they hire someone highly qualified for.
According to the Consumer Loan Collector Job Description, these collection employees are responsible for contacting customers that are delinquent in the repayment of their loans and also to obtain these said payments.
This can be very stressful and very demanding, mentally and emotionally, for the loan collector.
According to the Consumer Loan Collector Job Description, it is estimated to grow about average pace and shows no signs of decreasing any time soon.
Banks will always need loan collectors as people always need loans.
Step 2: Learn best tips to become a Consumer Loan Collector
Best tips for those who want to become a Consumer Loan Collector
Here are some tips to become a Consumer Loan Collector.
Step 3: View best colleges and universities for Consumer Loan Collector
Best colleges and universities for Consumer Loan Collector
- Florida Southern College
- Colby College
- Dartmouth College
- University of Notre Dame
- Western Washington University
- Canisius College
Step 4: Think about whether is it worth to be a Consumer Loan Collector
Is being a Consumer Loan Collector Worth it?
The job requires contacting customers who are delinquent in their loans, obtain payments, establish commitment agreements, or arrange a repayment plan.
The consumer loan collector relies on a pre-established guideline and instructions and works under direct supervision.
Because of the sensitive nature of the job, the consumer loan collector must have a friendly attitude and voice.
A consumer loan collector should be knowledgeable about all laws relating to the collection of consumer debt and the restrictions placed on the efforts to solicit payment.
A consumer loan collector is a responsible job that all banks need to make sure they hire someone highly qualified for.
Step 5: Prepare relevant skills for being a Consumer Loan Collector
What skills do you need to be a Consumer Loan Collector?
There are many skills required to succeed in this role, which vary in importance depending on the exact role and department size. The daily workload for this job will be highly dependant on these skills: Issue Resolution, Negotiation, Outbound Collection Calling. Some of the more basic skills required are: Credit and Collections Software. By growing your skills to reflect the ones mentioned, you are more likely to succeed in this role, and move forward to a more senior position.
The job requires contacting customers who are delinquent in their loans, obtain payments, establish commitment agreements, or arrange a repayment plan.
A consumer loan collector should be knowledgeable about all laws relating to the collection of consumer debt and the restrictions placed on the efforts to solicit payment.
Consumer loan collectors must have good computer skills and knowledge of various software programs.
Thorough understanding of the Consumer Financial Protection Bureau rules.
Knowledge of the FDCPA and State Consumer protection Laws.
Step 6: View average salary for Consumer Loan Collector
How much does a Consumer Loan Collector make?
The average salary range for a Consumer Loan Collector is from $38,715 to $47,045. The salary will change depending on your location, job level, experience, education, and skills.
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Average salary for Consumer Loan Collector jobs
Step 7: Find relevant Consumer Loan Collector jobs, and apply.
Looking for Consumer Loan Collector jobs?
Here are some Consumer Loan Collector jobs in the United States.