According to the U.S. Bureau of Labor Statistics, the Consumer Loan Collection Manager Job Description is to manage a group of employees known as collection supervisors. A consumer loan collection manager provides collection strategies for the business in order to collect debt owed, and minimize the collection portfolio loss. The consumer loan collection manager job description also includes that the collection manager is responsible for the training of any subordinate employees (both initial and ongoing) and is responsible for any losses these personnel make.
In addition to training, the consumer loan collection manager’s procedures are often used by those he or she supervises, so they must be perfect. Experience in the area is required to ensure that this will be the case, and the procedures outlined by the collection manager require the participant to be very familiar with a variety of the field’s practices and procedures.
A consumer loan collection manager must be able to handle the development of strategies by him or herself, so the prior experience in the field as well as judgment to make decisions must be “up to par.” The consumer loan collection manager is expected to have a superior degree of creativity to the rest of the business, to ensure that the strategies used are superior to those used in the past when minimizing collection portfolio losses.
The consumer loan collection manager reports to top management, making this position in the company one of the highest.
In order to become a consumer loan collection manager, you must first acquire a bachelor’s degree and have (at the minimum) 10 years of experience in the field of consumer loan collection. Many consumer loan collection managers move up in the company, rather than start a new job as a collection manager, but it is possible to find work in these areas, as collection managers are often needed to supervise other employees.
On average, a consumer loan collection manager makes $75,000 a year, making this job one of the higher paid jobs currently available in the United States.
Although there are many companies looking for a consumer loan collection manager, job security is ensured for those who have a high degree of creativity, as well as great management skills.