Education Career Articles

Connect Facebook Connect Twitter Connect Google+ Connect Pinterest Connect Stumbleupon

How to Become a Consumer Loan Collection/Recover Supervisor

Career News January 18, 2014

Do you work well with others and work great under pressure? Then lenders can use your skills and natural talents. Collections is one of the most important departments of the loan industry. A successful company invests in its employees, hiring the best, and the area of accounts receivable, is particularly important to profitability.

A consumer loan collection/recover supervisor can refer to either a manager or a high-ranking representative operating in a supervisory capacity. However, most references of collections supervisors pertain to management. Lending companies and banks need strong managers who can lead a team and ensure success in a difficult economy. Supervisors can make over $75,000 a year if they remain consistent and keep the company’s profit up.

Educational Requirements

This is a job requiring skill and experience. You will learn much of this in college, taking a bachelor’s degree program in finance or a related banking field. Here, you will learn important subjects and skill sets that will help you guide others, whether that’s employees or borrowers. You train and oversee agents, who have the difficult task of requesting money from borrowers who are falling behind. Of course, the bank has the right to repossess vehicles and foreclose on houses, but these are always last resorts and these last resorts can come with their own set of obstacles. You want to find ways to help borrowers catch up their accounts, even while preserving your company’s investment.

Keeping in compliance is always an issue, as the state has rigid requirements that management is expected to know. You keep apprised of the newest technology and continuing education in your industry, as many of your competitors will be using this information. Finding an accredited university with a relevant curriculum is the best way to start your career.

Work Experience

Companies do expect managers to be experienced and about ten years worth of banking or loan experience before even considering hiring a new applicant. Many workers start in an entry-level positions and work their way up. Years of experience gives you the knowledge you need to run a department and supervise collections agents and other branch representatives.

In addition to work experience, you need a measure of creative thinking ability and communication skills so that you can elicit the best reactions out of people and motivate them to take action. You improvise and make changes in procedure that can improve the lender’s portfolio. Computer skills are a necessity, as well as the ability to problem solve and think critically. You are the one in charge of making decisions in special cases where there is no outlined procedure, and are evaluated for problem-solving abilities.

Does this sound challenging? It is and more importantly, it is a secure job and one that never changes in demand, even in times of recession. Companies rely on you to make decisions and govern their agents efficiently. This maintains profit and protects against catastrophic losses. This career track rewards persistence and attention to detail. You can do it with the proper education so let’s get started!

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Do you have entrepreneurial visions to advance your career in the business world? Learn about the options available at GCU.
  • Earn a competitive bachelor's or master's degree in the areas of business administration, business analytics, accounting, marketing and more.
  • Many of our business degrees have attained elite accreditation from the Accreditation Council for Business Schools & Programs (ACBSP).
  • GCU nurtures the startup spirit, propelling your entrepreneurial visions on a powerful platform with opportunities to help you thrive.
  • Pursue a next-generation education with an online program or join Grand Canyon University's vibrant and growing campus community in beautiful Phoenix, Arizona.
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
2 Program(s) Found
  • Lancaster Bible College|Capital Seminary & Graduate School is a private Bible college composed of undergraduate, accelerated undergraduate and graduate learners.
  • Lancaster Bible College|Capital Seminary & Graduate School's mission has remained constant since 1933:
  • Lancaster Bible College|Capital Seminary & Graduate School offers 50+ majors, 8 academic departments and a variety of mission/ministry groups.
  • Lancaster Bible College's programs offer flexible degree formats. Our programs allow you to continue working in your current field, and apply life experiences as credits in certain instances.
  • Lancaster Bible College|Capital Seminary & Graduate School believes that God gave you a unique set of gifts. Now, He's giving you the opportunity to use them
  • Online Courses
  • Find Online Schools. 100% Online Accredited Courses
  • Get Matched to Programs In A Few Clicks!
  • Earn an Affordable Degree from Home at your own pace
  • Get College info today. Its Free and Easy!
  • Online Courses

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Why Earn Your Degree from GCU?
  • Options: Choose from a variety of undergraduate and graduate degree programs in Business, Nursing, Psychology, Education & more!
  • Convenience: Complete courses online, on campus, or a combination of both!
  • Earlier Graduation: Our 4-credit courses allow you to complete your degree program in less time.
  • Transfer Friendly: We will request your transcripts, evaluate your graduate coursework, and determine your anticipated graduation date within 24 hours.
  • Quality: Grand Canyon University was founded in 1949 and is regionally accredited. Learn more today!
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
2 Program(s) Found
  • Lancaster Bible College|Capital Seminary & Graduate School is a private Bible college composed of undergraduate, accelerated undergraduate and graduate learners.
  • Lancaster Bible College|Capital Seminary & Graduate School's mission has remained constant since 1933:
  • Lancaster Bible College|Capital Seminary & Graduate School offers 50+ majors, 8 academic departments and a variety of mission/ministry groups.
  • Lancaster Bible College's programs offer flexible degree formats. Our programs allow you to continue working in your current field, and apply life experiences as credits in certain instances.
  • Lancaster Bible College|Capital Seminary & Graduate School believes that God gave you a unique set of gifts. Now, He's giving you the opportunity to use them
  • Online Courses
  • Find Online Schools. 100% Online Accredited Courses
  • Get Matched to Programs In A Few Clicks!
  • Earn an Affordable Degree from Home at your own pace
  • Get College info today. Its Free and Easy!
  • Online Courses

Login to your account

Can't remember your Password ?

Register for this site!