Employment Trends in the Debt Collection Industry

According to the Bureau of Labor Statistics, there were 411,000 bill and account collectors in 2008.  Between the years of 2008 and 2018, the debt collections industry will grow, with employment opportunities expanding for debt collectors at a faster than average rate across all occupations, and expected to increase by 19%.

Due to previous trends, speculation exists that while first party collection departments will continue to service their own debts,  there will also be a continued rise in outsourcing debt collection to third party collection agencies, whether by placement on contingency, or via the sale of a debt portfolio.

Recent economic downturns, which affected many industries, reduced the workforce, and eliminated many prospects for opportunities for job growth, did not affect the collection industry adversely and thus the collection industry continues to remain stable.  Collection jobs will continue to remain competitive and production based.  Collection jobs involve strict compliance standards and strong negotiation and persuasion skills.  Promotions into management are available for those individuals who apply themselves!

Most financial institutions and even collection agencies will train new employees specifically to collect the way they want you to.  Most employers seek collectors with prior call center or Customer Service experience.  A good employer will invest in their collection staff by coaching their collectors to continuously improve in being more efficient and successful.  National Enterprise Systems has a professional training team that offers one-on-one development!

Important skills for collectors include strong listening skills, the ability to negotiate, ability to multi-task because you have to note the conversation as you are talking on the phone and the notes need to be concise, must be able to keep in mind the bottom line, and empathy is good to have.  Maintaining professionalism is a good attribute to have also, as well as the ability to work independently and make the solid decisions you are hired to make.

National Enterprise Systems looks for professional and goal- oriented  individuals who want to come to work every day and contribute.  Figure out what makes you tick and what sets you apart from your competition and present yourself with confidence that you are the best candidate for the position.

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