Consumer Loan Collection Supervisor Job Description
According to the U.S. Bureau of Labor Statistics, the Consumer Loan Collection Supervisor Job Description is to manage a group of employees known as collection supervisors. A consumer loan collection supervisor provides collection procedures for the company in order to collect debt owed, and minimize the collection portfolio loss. The consumer loan collection supervisor job description also includes that the collection supervisor 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 supervisor’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 supervisor require the participant to be very familiar with a variety of the field’s practices and procedures.
A consumer loan collection supervisor 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 supervisor 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 supervisor reports to collection managers, making this position in the company near the middle in the chain of command.
In order to become a consumer loan collection supervisor, you must first acquire a bachelor’s degree and have (at the minimum) 5 years of experience in the field of consumer loan collection. Most consumer loan collection supervisors move up in the company, rather than beginning the job as a supervisor, but it is possible to find this line of work without already being a part of the company.
On average, a consumer loan collection supervisor makes $57,000 a year, placing this job near the middle of the average salaries earned in the United States.
Although there are many companies looking for a consumer loan collection supervisor, job security is ensured for those who have a high degree of creativity, as well as great management skills. Collection loan supervisors are always needed however, so beginning a new position in this area isn’t incredibly hard to do.