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How to Become a Consumer Loan Collection/Recovery Representative

Career News January 19, 2014

Are you willing to talk to people and use your social and mathematical skills to help people out? Then it’s time to look into the recovery and collections field.

A consumer loan collection/recovery representative is an agent of the lending company and is put in charge of contacting borrowers. You work under a supervisor or manager’s direction and will be instructed to keep company protocol while motivating borrowers. Usually, these calls will be for overdue bills, loans and other payments. You are not merely a concerned caller but the official liaison between borrowers and the company.

What Training is Required for Employment?

Education is preferred, and you can progress to a supervisory position sooner than later if you have a college degree. However, entry-level positions in collections do go to high school applicants. Some companies may even hire you without banking experience, provided you have a skill set or at least some customer experience. A common figure is two years in some sort of communicative or sales-oriented job.

Education in finance and banking is also important, since you will be explaining and negotiating debt, credit, and accounts. Your main intent is to get the lender’s money back in whatever friendly way possible. If there is no other option, you and management must decide whether to take the borrower’s assets back. While this is a difficult assignment, the bank is forced to do this, or else the company “bleeds money”, which only hurts its employees.

What Should You Learn Before Applying

It will be up to you to impress the manager during the job interview. This requires showing your work value, and demonstrating your ability to work in this role, in addition to answering the questions put forth. Show that you understand your role, which is to collect payments, and keep an organized system of what borrowers owe. Demonstrate that you understand how to access background information, and other paperwork, since this is a major part of your job.

Show that you have a confident voice and that you are an effective speaker when discussing terms on the phone. Point to your resume and show proficiency in computers and bookkeeping. Being a good interview means being a good listener, in addition to asking questions and presenting yourself as a qualified professional. As an agent, you will be listening to a borrower’s story and must create rapport with this person. Lastly, prove that you understand the technical details of the loan process, including details such as repayment plans, terms of sale, debt counseling, and credit bureau operations. If you don’t know these things then make it a point to learn them before the interview.

This is a great career move and a stepping-stone to a managerial position that you can hold onto for the better part of your life. It’s safe work, stable, and will provide for a family. All you need is the education and drive to get started, and everything else will fall into place.

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Showing schools in your area

5 Program(s) Found
  • Liberty University provides a worldclass education from a christ-centered worldview
  • 100% online programs at associate, bachelor’s, master’s, and doctoral levels
  • No standardized testing if student meets admission requirements
  • Accredited by the Southern Association of Colleges and Schools Commission on Colleges
  • 87% of Liberty University students receive some form of financial aid
  • Online Courses
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Boldly pursue your future in business with an online degree from Post University
  • Degrees at all levels with concentrations in Finance, Marketing, and much more
  • Ranked in the Best Online Bachelors Programs for Veterans by US News & World Report
  • Ranked in the Best Online Bachelor’s Programs by the US News & World Report
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Which career path will you take – Business, Nursing, Education, Psychology? Something else? GCU offers more than 100 majors to get you started!
  • Colangelo College of Business: Features more than 25 programs from the bachelor through the master's level, including several high-demand MBA programs and an accelerated accounting degree.
  • College of Nursing and Health Care Professions: Rich 25-year history providing outstanding health care and nursing degree programs, including an RN to BSN program & master's in nursing degrees.
  • College of Education: Whether you are looking to start or advance your career as a teacher or administrator, GCU offers bachelor’s and master’s in education degrees in key areas.
  • College of Humanities and Social Sciences: Provides a job focused education and features a variety of programs from counseling and psychology to justice studies, history and English literature.
  • Does something else interest you? GCU also offers programs in Doctoral Studies; Theology; Science, Engineering & Technology; and Fine Arts & Production. Speak with an enrollment counselor today!
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Hallmark University has a modern approach to business education. Our students are "hired" on day one to a mock company and live out their education as if on the job.
  • Students also gain valuable work experience having gone through real case studies from Fortune 100 companies.
  • By utilizing compressed, objective-driven courses, you can complete your education in nearly half the time of a similar program at a traditional college or university.
  • Each of our courses are designed to include scenario-based activities. You get to practice what you learn so you're ready for the challenges you will face when you graduate.
  • Our graduates enter the workforce with experience employers desire in addition to a credible degree.
  • Don't settle for learning in large lecture halls. Get the attention needed to succeed.
  • Online Courses

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