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
4 Program(s) Found
  • Apply managerial and business processes to information systems.
  • Conduct systems analysis to manage complex projects.
  • Design business intelligence solutions to meet organizational objectives.
  • Analyze complex data to support strategic decision making
  • Online Courses
  • Financial Aid
  • Transferable Credits
1 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
South University , Glen Allen
  • Program options include Accounting, Business Administration, Leadership, and more.
  • Curriculum focuses on developing leadership, critical thinking, problem-solving, and communication skills.
  • Programmatic accreditation by the Accreditation Council for Business Schools and Programs (ACBSP) at select campuses.
  • Business programs are available at many of the 11 campus locations across the United States.
Good for Working Adults
  • Flexible Scheduling
  • Financial Aid
2 Program(s) Found
ECPI University , Newport News
  • Named a Best for Vets school by the Military Times in 2014.
  • Has specialized in student-centered technology, business, criminal justice, health science, and culinary education for over 45 years.
  • Makes it possible for students to earn a bachelor’s degree in 2.5 years or an associate’s in 1.5 years by providing a year-round schedule.
  • Offers externships and clinical experience that help students prepare for life after they graduate.
  • Has 10 campuses across the mid-Atlantic, plus online degree programs.
Good for Working Adults
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Ranked among top Regional Universities in the South by U.S. News and World Report in 2015.
  • Ranked 37th among the Best Colleges for Veterans by U.S. News and World Report in 2015.
  • Stands as the largest private, nonprofit university in the nation with 100,000+ students.
  • Offers over 230 programs online, from the certificate to the doctoral level.
  • Has a student-faculty ratio of 25:1, and 42.3% of its classes have fewer than 20 students.
Show more [+]
  • Accredited
  • Online Courses
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Average class size is 25, allowing for more one-on-one time with instructors.
  • Has a 97% employment rate among available graduates.
  • All  graduates receive Lifetime Employment  Assistance—free and forever.
  • Michigan's largest independent college.
  • Most instructors are working professionals in the fields they teach.
  • Programs are continuously updated to ensure classes are career-relevant and in sync with what's needed in the industry
Show more [+]
  • Accredited
  • Online Courses
  • Accelerated Programs
  • Financial Aid
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
1 Program(s) Found
  • The online format of the program combines live weekly classes, multimedia coursework, and collaborative group learning exercises.
  • The program prepares information professionals to design and manage mission-critical information technologies within organizations.
  • Students will learn to leverage IT resources for strategic advantages, improve organization-wide information management, and develop more effective IT policies for government, corporate and nonprofit organizations.
  • Designed and taught by Syracuse faculty, our online master’s degree programs promote close collaboration and innovative thinking as students work toward harnessing the power of information to solve complex challenges.
  • 42-credit MS in Information Management which can be completed in as little as 21 months
  • 30-credit MS in Information Management for Executives, which requires students to have six or more full-time professional experience in the information management field. This track can be completed in as little as 15 months.
Show more [+]
  • Online Courses

Searching Searching ...

Matching School Ads
4 Program(s) Found
  • Enhance organizational performance and create effective traditional and virtual teams through motivation, organizational culture, and change management.
  • Address the legal and ethical implications of human resources and administration in an organizational setting.
  • Analyze business policy and strategy in relationship to competitors.
  • Resolve conflict by utilizing various management styles and best practices.
  • Understand employment and compensation requirements including insurance, salary, labor, health, and safety.
  • Online Courses
  • Financial Aid
  • Transferable Credits
1 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
5 Program(s) Found
  • Average class size is 25, allowing for more one-on-one time with instructors.
  • Has a 97% employment rate among available graduates.
  • All  graduates receive Lifetime Employment  Assistance—free and forever.
  • Michigan's largest independent college.
  • Most instructors are working professionals in the fields they teach.
  • Programs are continuously updated to ensure classes are career-relevant and in sync with what's needed in the industry
Show more [+]
  • Accredited
  • Online Courses
  • Accelerated Programs
  • Financial Aid
5 Program(s) Found
  • Ranked among top Regional Universities in the South by U.S. News and World Report in 2015.
  • Ranked 37th among the Best Colleges for Veterans by U.S. News and World Report in 2015.
  • Stands as the largest private, nonprofit university in the nation with 100,000+ students.
  • Offers over 230 programs online, from the certificate to the doctoral level.
  • Has a student-faculty ratio of 25:1, and 42.3% of its classes have fewer than 20 students.
Show more [+]
  • Accredited
  • Online Courses
  • Financial Aid
  • Transferable Credits
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

Login to your account

Can't remember your Password ?

Register for this site!