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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.

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