The job market for debt collectors in the United States

There are currently an estimated 305,700 debt collectors in the United States. The debt collector job market is expected to shrink by -2.9% between 2016 and 2026.

How employable are debt collectors?

CareerExplorer rates debt collectors with a D employability rating, meaning this career should provide weak employment opportunities for the foreseeable future. Over the next 10 years, it is expected the US will lose -2,400 debt collectors. That number is based on the retirement of 6,600 existing debt collectors.

Are debt collectors in demand?

Job growth and demand for bill and account collectors is expected to be tempered somewhat by the outsourcing of collections work to offshore call centres, as well as by automated calling systems and new software programs. Still, creditors are increasingly recognizing that local collectors tend to have greater success in negotiating with clients and debtors. As companies across many industries become involved with lending money and issuing their own credit cards, debt levels are likely to rise and to lead to greater demand for bill and account collectors. In addition, a high rate of turnover in the field sustains a certain number of openings. New jobs will undoubtedly be created in the healthcare and financial industries, which are charging higher prices and often have delinquent accounts. These two sectors, in particular, are predicted to increase the need for both bill collectors who work in-house and for those employed by third-party collection agencies. Should the U.S. Internal Revenue Service expand its outsourcing of the collection of overdue federal taxes, a significant spike in demand for trained collectors will occur. Contrary to the pattern in most industries, job prospects for bill and account collectors rise during economic downturns and recessions, when more people struggle to meet their financial obligations. On the other hand, companies hiring collectors in sluggish economies must cautiously project their success rates and carefully estimate the number of new employees that they should take on. Most bill and account collectors need a high school diploma to enter the field. Ideal candidates have call centre and customer service experience; as well as training in accounting, negotiating, records management, and computer software programs. Job seekers with knowledge of debt collection regulations and the Fair Debt Collection Practices Act also have better prospects. Collectors further enhance their employability by pursuing basic and advanced certifications from The Association of Credit and Collection Professionals.

What’s the supply of debt collectors?

The debt collector industry is concentrated in California, Texas, Florida

Debt Collector job market by state