Credit Collections Officer (225-724)

A Credit Collections Officer plays a pivotal role in managing and maintaining a company's financial health by overseeing the collection process of outstanding debts. They work within the finance department and are responsible for communicating with customers to collect outstanding payments while maintaining positive client relations. A successful Credit Collections Officer will employ strong negotiation and problem-solving skills to ensure efficient debt recovery. They must be able to handle challenging conversations with customers, using tact and diplomacy, to reach a mutually beneficial resolution. This position requires excellent organizational skills and a keen attention to detail to track accounts and ensure accurate recordkeeping. A Credit Collections Officer collaborates with other departments to mitigate risks and support the company's credit policies, ultimately contributing to the business's overall financial stability and success.

Responsibilities

• Monitor the aged debt report to track overdue accounts and initiate appropriate recovery actions.
• Conduct timely and professional communication with clients to arrange debt settlements or payment plans.
• Negotiate payment terms and settlements with delinquent account holders to recover outstanding debts.
• Document all collection activities and maintain accurate account records in the system.
• Collaborate with the finance team to align collection strategies with overall financial goals.
• Identify and report any significant discrepancies or potential issues with payment collections.
• Review and process invoices, credit memos, and adjustments related to overdue accounts.
• Work closely with legal and compliance teams to manage delinquent accounts requiring escalation.
• Prepare detailed reports on collection activities, outstanding debts, and recovery success rates.
• Maintain a high level of customer service and ensure customer satisfaction during the collection process.
• Stay informed of industry best practices and relevant regulations affecting credit and collections.
• Provide input and recommendations for improving the company's credit policies and procedures.

Requirements

• Bachelor's degree in finance, accounting, or a related field is preferred.
• Proven experience in credit collections or a similar role within the industry.
• Exceptional negotiation skills with the ability to manage conflict effectively.
• Strong communication abilities, both written and verbal, to interact with customers.
• High level of attention to detail and excellent organizational skills for recordkeeping.
• Proficiency in using accounting or financial software for debt tracking and reporting.
• Ability to work independently and prioritize tasks in a fast-paced environment.
• Understanding of relevant financial regulations and compliance requirements.
• Commitment to maintaining confidentiality and handling sensitive information securely.