Education Career Articles

Connect Facebook Connect Twitter Connect Google+ Connect Pinterest Connect Stumbleupon

Requirements to Become a Consumer Loan Collection Supervisor

Career News January 17, 2014

If you are an experienced and ambitious worker, eager to accept responsibility, then don’t settle for an entry-level position. Work your way up to a supervisor’s job and enjoy the benefits that come from weightier responsibility.

A consumer loan collection supervisor must have a broad-based education. Although consumer loan collection supervisors are generally associated with banks, they may work for any company that allows credit for their products. This can include mortgage companies, the automobile industry, furniture, and appliances.

The Most Important Subjects

Job requirements for a consumer loan collection supervisor are dependent on the type of company, with some accepting a high school diploma, strong math skills, and a minimum of one-year experience in collections. Increasingly, however, financial institutions require a bachelor’s degree in economics, finance, or a related field and five years or more in credit, finance or customer relations. Many companies also prefer supervisors with a secondary language, as this is a valuable skill out of the ordinary.

The collection supervisor works with a team of credit representatives and the credit coordinator to ensure the achievement of specific collection goals. They analyze, report and take action in key departments that include past due trending, deteriorating accounts, status of credit file reviews and monitor individual accounts for efficient credit extension and collection of past due accounts in accordance with the company’s policies while maintaining goodwill among the customers.

Ongoing Training

The consumer loan collection supervisor will provide ongoing training to the staff to encourage each member’s capacities. The supervisor coaches the team on best practices in credit and collection. Collection supervisors may be required to work with the Director of Credit to determine new credit policies, goal setting, and procedures. The supervisor must make business-appropriate decisions utilizing various resources, including interpreting and analyzing the customer’s financial statements and credit reports and partnering with the sales team.

The Importance of Staying Current

Consumer loan collection supervisors must be familiar with all laws concerning creditor rights and lawful mitigation. They must be proficient in reading financial statements and cash flow analysis. Computer skills include Microsoft Excel and Power Point, although other financial software knowledge may be required. Employers seek candidates who are highly motivated and able to work with subordinates to affect timely recoveries. They should have a solid understanding of the bankruptcy process and Federal collections regulations.

According to the US Bureau of Labor Statistics, employment of loan collection agents in general is expected to grow by 19% by the year 2018, which is faster than average for all occupations. The BLS (U.S. Bureau of Labor Statistics) estimates that the two largest employers of loan collection agents will be healthcare and financial services since they often have delinquent accounts.

Because of the extensive need, an increase in consumer loan collection supervisors is also expected. The median wage for a consumer loan supervisor is $60,000 a year, but depending on the state and the type of industry the supervisor works for, salary expectancies can be $85,000 a year.

Don’t settle for anything less than the position you can handle and that you deserve for a strong worth ethic.

Searching Searching ...

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
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Become the leader you know you can be @ Ashford University
  • Apply Now! Classes Start Every Tuesday!
  • Online Courses
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Available business concentrations include Accounting, Economics, General Management, Marketing, and Human Resource Management.
  • Ranked among the Best Online MBA and Online Graduate Business Programs in 2016 by U.S. News & World Report.
  • Programmatic accreditation provided by the Accreditation Council for Business Schools and Programs (ACBSP).
  • Regionally accredited by the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC).
  • Online Courses
2 Program(s) Found
  • Online and ground-based program areas include Fashion Marketing and Management and more.
  • Students can study branding, event management, and public relations to help them prepare for a marketing career
  • Course topics include Fundamentals of Business, Brand Strategy, Project Management, and Principles of Market Research
  • Over 50 locations nationwide, with a student support team dedicated to helping students grow
  • Start your journey! Classes starting Aug 17.
Good for Working Adults
  • Flexible Scheduling
  • Financial Aid
1 Program(s) Found
  • Campus-based and online business programs include Entertainment Business (BS), Internet Marketing (BS), and Business Intelligence (MS)
  • Students will explore business concepts like marketing, global media management, and business technology and design
  • Courses designed to prepare students for a career in business and Career Development advisors available to all alumni
  • Full Sail offers accelerated programs, so a degree that would normally take four years takes 24 months on average
  • Online Courses
  • Education Connection is a 100% Free College Matching Service used by 50,000 People Daily.
  • Get Matched to the Right IT, Computer Science, Cybersecurity, Software and Application Development, Web Design or Technology Management Degree Program for YOU.
  • Affordable and Flexible Information Technology Degree Programs from Top Colleges Across the Nation. Both Online And Campus!
  • Just Fill Out a Few Questions and You Can Find Your Perfect IT/Computer Science Degree Program Within Minutes.
  • Start Using our Fast, Free, and Easy Matching Service Right HERE and Right NOW!
  • Online Courses

Searching Searching ...

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
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Become the leader you know you can be @ Ashford University
  • Apply Now! Classes Start Every Tuesday!
  • Online Courses
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Available business concentrations include Accounting, Economics, General Management, Marketing, and Human Resource Management.
  • Ranked among the Best Online MBA and Online Graduate Business Programs in 2016 by U.S. News & World Report.
  • Programmatic accreditation provided by the Accreditation Council for Business Schools and Programs (ACBSP).
  • Regionally accredited by the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC).
  • Online Courses
1 Program(s) Found
  • Full Sail’s curriculum combines elements of creativity, art, business and life skills, technical prowess, and academic achievement.
  • Full Sail offers accelerated programs, so a degree that would normally take four years takes 24 months on average.
  • Students work with industry-standard tools and technologies, allowing them to gain practical knowledge and real-world experience.
  • Join us on Facebook, Twitter, YouTube and Instagram to interact with our community, read about grad success, and see campus images.
  • Online Courses
  • Education Connection is a 100% Free College Matching Service used by 50,000 People Daily.
  • Get Matched to the Right IT, Computer Science, Cybersecurity, Software and Application Development, Web Design or Technology Management Degree Program for YOU.
  • Affordable and Flexible Information Technology Degree Programs from Top Colleges Across the Nation. Both Online And Campus!
  • Just Fill Out a Few Questions and You Can Find Your Perfect IT/Computer Science Degree Program Within Minutes.
  • Start Using our Fast, Free, and Easy Matching Service Right HERE and Right NOW!
  • Online Courses

Login to your account

Can't remember your Password ?

Register for this site!