Welcome back to debt collection 101, your beginner’s guide to debt collection. In articles one and two, I wrote about the different types of debt collectors, how debt collectors will locate a consumer, and what they will do when they contact the consumer. In article three I described the strict rules and regulations that debt collectors, particularly third party debt collectors must abide by when they make each phone call.

In article four I spoke about what the job of a collection agent is like, and in article five I wrote about the expectations that bill collectors are generally required to meet on the job. Now I will write about the perks of being a debt collector, and what the collections industry can expect to see in the future.

The key idea for any collection agent just starting out to remember is to hang in there: the amount of experience that a collections agent gains is directly proportional to their rate of success, and more success, means more money in commissions. There is much growth potential for debt collectors, as collectors who are successful will usually get bigger accounts that come with opportunities to earn more money.

In addition, collectors who have additional experience, training and skills are more likely to climb up the ladder. The majority of debt collectors work forty hours per week, with some working evenings and weekends, others working part time. Generally, the work schedules of a debt collector are pretty flexible.

In the year of 2008, research revealed that there were almost 411,000 debt collectors. Twenty five percent were hired by businesses, nineteen percent were working for financial and insurance agencies, and eighteen percent were employed in the health care field. Analysts expect the amount of debt collection jobs to grow at a rate faster than the average of all other occupations. It is projected to grow by a staggering nineteen percent from 2008 to 2018. These researchers expect that new jobs will be created in industries like health care and financial services, and that jobs will grow for both in house bill collectors and third party collection agencies.

Mallory Megan works for Rapid Recovery Solution and writes articles on medical collection agencies. Unique version for reprint here: The Perks Of Being A Bill Collector.

If a bill collector is requesting that you pay a debt that you think you do not owe, or more than you owe, you have the ability to dispute the debt in writing. The legal terms for doing this are “debt validation” or “debt verification.” Within the first five days of contacting you, the Fair Debt Collection Practices Act requires that bill collectors notify you of your right to validate the debt. You need to ask for verification within thirty days of when you are first told about the debt. Always send your request by certified mail.

There have been recent warnings that have been issued reporting a spike in numbers of complaints about fake and threatening collection calls. If it doesn’t feel right in your gut, be wary. Remain skeptical of any collections call that asks you for personal information, or threatens you. Again, be aware of your rights that I just described above. Don’t provide any personal information. If a collection agent threatens you, hang up the phone and report the call immediately to your state attorney general’s office.

As with any business or financial matter, keep great records; copies of all correspondence related to collections. Corresponding with a debt collector by mail is wise, because it allows you to keep things in order, and you will not lose your cool over the telephone. Do not ever pay off a debt until you get written notice of the amount that is due, and as always, keep records and details of everything you pay.

Bill collectors may be pushy on the phone, but you are absolutely under no legal obligation to respond immediately. If a collection agent catches you when you are off of your guard, request that they call you back in an hour so you can plan out your conversation. If they call you at your job or at a relative’s house, inform them that you are requesting them formally that they do not call you at that location.You also have the ability to formally request that they cease and desist from contacting you at all, but this is risky, considering that this does, under no circumstance eliminate any debt that you may owe. If they want to, the collector can still escalate collections by sending the debt to a law firm, which will be an unexpected and unpleasant surprise.

Finally, do not be afraid to get help. If you are receiving calls from a debt collector, make sure that you take a proactive stance and understand your options which can include debt consolidation, credit counseling or debt settlement. The most important thing to remember is that you are a human being that deserves respect and to be treated with dignity, no matter how much money you may owe to a credit card company. If you stay informed and command this type of behavior, you will find that you will be well protected and more content.

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