According to the U.S. Bureau of Labor Statistics, the Consumer Loan Collection Recovery Manager Job Description is to manage a group of employees known as collection/recovery supervisors. A consumer loan collection Recovery Manager provides collection strategies for the company in order to collect debt owed (especially ones that are past due,) and minimize the collection portfolio loss. The consumer loan collection recovery manager job description also includes that the collection recovery manager is responsible for the training of any subordinate employees (both initial and ongoing) and is responsible for any losses these personnel make. This means that he or she will be responsible for teaching their strategies to all lower employees.
In addition to training, the consumer loan collection recovery manager’s strategies 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 recovery manager require the participant to be very familiar with a variety of the field’s practices and procedures.
A consumer loan collection recovery 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 Recovery Manager is expected to have a superior degree of creativity to the rest of the company, to ensure that the strategies used are superior to those used in the past when minimizing collection portfolio losses.
The consumer loan collection recovery manager reports to top management, making this position in the company one of the highest.
In order to become a consumer loan collection recovery 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 recovery managers move up in the company, rather than start a new job as a collection recovery manager, but it is possible to find work in these areas, as collection recovery managers are often needed to supervise other employees.
On average, a consumer loan collection recovery manager makes $70,000 a year, working at the company of his or her choice.
Although there are many companies looking for a consumer loan collection recovery manager, job security is ensured for those who have a high degree of creativity, as well as great management skills. For those looking to start in this field, becoming a supervisor and moving up to this position will earn you the title of consumer loan collection recovery manager.