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Insurance > Credit/Collections Manager

Salary National Average

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71420.0000 82470.0000 101620.0000

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Short Description:

A Credit/Collections Manager oversees the credit approval process and the collection of outstanding debts for an organization. Their responsibilities include assessing the creditworthiness of clients, establishing credit limits, and ensuring timely collection of payments. They also manage a team of credit analysts and collections agents, develop strategies to minimize bad debt, and handle escalated disputes or negotiations with delinquent accounts. Strong leadership skills, financial analysis expertise, and knowledge of credit laws are essential for success in this role, as Credit/Collections Managers ensure the organization’s financial stability by maintaining healthy cash flow and minimizing credit risk.

Duties / Responsibilities:

  • Establish and maintain relationships with individual or business customers or provide assistance with problems these customers may encounter.
  • Examine, evaluate, or process loan applications.
  • Plan, direct, or coordinate the activities of workers in branches, offices, or departments of establishments, such as branch banks, brokerage firms, risk and insurance departments, or credit departments.
  • Oversee the flow of cash or financial instruments.
  • Recruit staff members and oversee training programs.
  • Network within communities to find and attract new business.
  • Approve, reject, or coordinate the approval or rejection of lines of credit or commercial, real estate, or personal loans.
  • Prepare financial or regulatory reports required by laws, regulations, or boards of directors.
  • Establish procedures for custody or control of assets, records, loan collateral, or securities to ensure safekeeping.
  • Review collection reports to determine the status of collections and the amounts of outstanding balances.

Skills / Requirements / Qualifications

  • Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • Coordination: Adjusting actions concerning others' actions.
  • Management of Personnel Resources: Motivating, developing, and directing people as they work, identifying the best people for the job.
  • Accounting software: JD Edwards software; Sage Peachtree software
  • Customer relationship management CRM software: ADS Advantage; Austin Logistics CallSelect; Ontario Systems FACS; Quantrax Intelec
  • Information retrieval or search software: LexisNexis Banko; TCI XML Credit Interface; W3 Data BatchAppend411
  • Internet browser software: Web browser software
  • Point of sale POS software: Columbia Ultimate Remit; System Innovators software
  • Spreadsheet software: Microsoft Excel

Job Zones

  • Education: Most of these occupations require a four-year bachelor's degree, but some do not.
  • Related Experience: A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
  • Job Training: Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
  • Job Zone Examples: Many of these occupations involve coordinating, supervising, managing, or training others. Examples include accountants, sales managers, database administrators, teachers, chemists, environmental engineers, criminal investigators, and special agents.
  • Specific Vocational Preparation in years: 2-4 years preparation (7.0 to < 8.0)

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