The economy has actually created a great platform for individuals who work within the collection industry. While unemployment is high, this industry is booming. However, prior to being able to work within this booming industry, individuals have to undergo credit and collections training.
To understand the reasons why this industry is so popular, you need to understand a few things about debt. Every single year, there are people that are issued credit cards, or purchase items by financing them. When these individuals default on their loans or paying back the monies that were openly given to them, they are sent to collections.
The tasks that these individuals perform, sound simple enough, but there is more to it than meets the eye. From the outside looking in, collectors receive accounts, and then place phone calls on those accounts, in order to get in contact with the individual who owes money. When they do speak with the individual, they try to persuade them to pay the money that is owed.
The training to work in this type of position is intense. Collectors are required to follow a set of rules, whenever they collect money from someone. These rules are actually a written law that is known as the FDCPA. This law is not anything new, it was originally passed in 1973.
There have been multiple court cases that have went to the Supreme Court, due to individuals violating this act. In most situations, the collector that violated the act, was fired from their employer, and required to pay a fine. This is a serious manner, and can jeopardize an individual's chances of ever being hired on by another agency.
Working in this type of industry can be difficult to do. Your job will be to contact ordinary individuals that have not made their payments. In many cases, the individuals that you will be calling, will not have any resources available to pay the amounts that they owe. This is where your negotiation skills will be needed.
Your job will be to help the individual locate the money to pay you with. In some cases, this is easier said than done, because most people would rather eat glass than speak with a collector. In fact, the job is so stressful, that many people working in the industry, can only survive to work in it for a short frame of time, before they quit.
If you have a tough skin and can manage to speak to people, in an attempt to attain their money, then you could be successful working in this type of industry. With the right credit and collections training, it is possible to make a lucrative income, working in this type of business. In fact, there are some top collectors that make six figures, from the work that they do. Another great thing about this business, is the fact that debt is never going to entirely disappear, therefore, it's safe to say that this industry provides you with job security.
To understand the reasons why this industry is so popular, you need to understand a few things about debt. Every single year, there are people that are issued credit cards, or purchase items by financing them. When these individuals default on their loans or paying back the monies that were openly given to them, they are sent to collections.
The tasks that these individuals perform, sound simple enough, but there is more to it than meets the eye. From the outside looking in, collectors receive accounts, and then place phone calls on those accounts, in order to get in contact with the individual who owes money. When they do speak with the individual, they try to persuade them to pay the money that is owed.
The training to work in this type of position is intense. Collectors are required to follow a set of rules, whenever they collect money from someone. These rules are actually a written law that is known as the FDCPA. This law is not anything new, it was originally passed in 1973.
There have been multiple court cases that have went to the Supreme Court, due to individuals violating this act. In most situations, the collector that violated the act, was fired from their employer, and required to pay a fine. This is a serious manner, and can jeopardize an individual's chances of ever being hired on by another agency.
Working in this type of industry can be difficult to do. Your job will be to contact ordinary individuals that have not made their payments. In many cases, the individuals that you will be calling, will not have any resources available to pay the amounts that they owe. This is where your negotiation skills will be needed.
Your job will be to help the individual locate the money to pay you with. In some cases, this is easier said than done, because most people would rather eat glass than speak with a collector. In fact, the job is so stressful, that many people working in the industry, can only survive to work in it for a short frame of time, before they quit.
If you have a tough skin and can manage to speak to people, in an attempt to attain their money, then you could be successful working in this type of industry. With the right credit and collections training, it is possible to make a lucrative income, working in this type of business. In fact, there are some top collectors that make six figures, from the work that they do. Another great thing about this business, is the fact that debt is never going to entirely disappear, therefore, it's safe to say that this industry provides you with job security.
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