Collections are almost known as a dirty word in the world. No one wants to get a knock on the door or phone call from a collections person. Although people may not like it, someone has to do it, and debts have to be repaid and collected on. When that time comes, you call upon the credit and collections supervisor.
These people supervise the activities of credit and the collections department. They oversee the processing and verification for credit applications and make sure that they are done correctly. They are also in charge of overdue accounts. Their Credit and Collections Supervisor Job Description shows a median salary of about $50k. This high of a median salary is due to the amount of financial services and tasks associated with this job. A credit and collections supervisor also need to know various procedures and tasks in the business industry and understand how they work and how to implement them. They have goals they have to meet and have to use their own personal judgment to successfully execute them.
The basis of this job is to collect on debts. The U.S. Bureau of Labor Statistics states in their Credit and Collections Supervisor Job Description that the main function is to find a solution that is acceptable to the debtor and maximizes the payment received. No one wants to lose when it comes to a collections scenario, so it is up to credit and collections supervisor to find a solution that benefits both parties involved. Not only do they have to find a legal solution, but they also offer credit advice that may benefit them in the present or the future. Although they do this only when appropriate, usually the debtor may want this information released. There are still federal and state laws that govern what a collector can do, and they must adhere to this with any collection they may collect upon. It is in everyone’s best interest to handle it as quickly and efficiently as possible.
At the end of the day, if you have not already known this from the Credit and Collections Supervisor Job Description, the role and goal of the credit and collections supervisor is to make the collection process as seamless and simple as possible. No one wants to deal with it, and the supervisor makes sure that it is as painless as possible.