Wednesday, April 15, 2015

What is Credit Collection and Control

When banks, other financial sources, and other businesses deal out money and when they couldn’t make time to collect as they’re always busy, the credit collection and control takes in charge for this. The job is normally engaged in collection and control of debts. It is not actually a heart-less job that’s all about money. It is basically helping people to get out of debt and control their debts for them. Through offering payment plans that will fit for their situations, you actually help them. You will be working with individuals, businesses or even third party collection agents. You have to make sure that payments are made and ensure that overdue debts will be paid. Responsibilities for this job include organizing customer files (paperwork and admin), recording payments made, straightening out payment plans, chasing debtors when late payments, or even tracing debtors who moved out without letting the company know their new location or address. If the latter arise, this is the time you ask a help from telephone providers, perhaps post office to locate new address, and credit bureaus.
Is this job perfect for you?

There are companies who offer for this position in a freelance basis. So, if you are looking for a part-time, full time or could be flexible working shift, they’re all available. To work in a shift schedule, expect to work during evening and weekend. These hours are normally used to contact debtors who are unavailable during the day due to their work commitments or appointments and other personal reasons.

Your duties are usually done over the phone. If you have local clients, you’ll occasionally leave the office and visit them. Now, talking about the job if this will fit for you or not. If you have a temper like hulk with zero patience, I couldn’t say this is for you. As you normally engage people who can’t pay debts, you’ll go after them and you need to talk to them in a tactful and calm manner. I wonder if you can get money any sooner after hollering at them, what do you think? Though being positive and calm is a required personality for this job, you can’t be spineless either. You know there are people who can come up with different excuses as to why they can’t pay (my rabbit ate the notice you sent). You have to be assertive to ensure they will make payments.

Overall, this job needs a person who deals with people either frontal or over the phone. An exceptional communication skill is necessary. This is not only explaining how much the debtors owe, you have to give them options if they can’t pay on time. An experience in customer service will help you with this job in dealing with people.

Skills you need to master are: admin skills, communication, customer service, negotiation, organized, can work with deadlines, and computer skills.

With all those skills you’ve mastered, there’s one thing you must master…the kind of stress it will give to you. When people can’t pay, of course, it’s your job to follow the procedures to get the money back. These involve hard method by working with bailiffs, solicitors, and go with the court procedure. So, expect tantrums, more tears, and a lot of curse words. Now, if you’re somewhat sensitive and you hate confrontations, this is NOT for you.

What are the qualifications?

Financial experience such as bookkeeping or accounting may help you land on this job. Some companies require formal education such as accounting graduate or CPA. But in international countries, going to universities is not necessary. An associate course in credit law, insolvency, litigation, customer service and telephone techniques are required for the job. You might acquire skills from the CSA or Credit Services Association and ICM or Institute of Credit Management. In addition, your qualifications from them may help you advance your career into senior positions in the future. Qualifications include Diploma in Debt Collection, Introductory course in Credit Management; advanced courses include legal proceedings in Diploma in Credit Management, and a Degree in Credit Management.