Collection officer

Lord Krishna financial services Ltd

0 Years

Not disclosed

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Posted: 22 Apr 25

Job Description

1. Collection officer will be responsible for collection of soft and/ or hard bucket accounts under delinquency as allocated by the reporting authority.

2. Collection officer will pursue the borrowers through telephonic calls or Whatsapp.

3. Collection officer will pursue the borrowers in hard bucket through compromises/ negotiated settlement as per prior approval of management only.

4. Collection officer will provide all help to recovery department with regard to service of court summons, delivery of court orders, Arbitration awards and Arbitration notices etc. as may be required from time to time and instructed by the company officials.

5. Collection officer will report all the work through proper reports (through prescribed format).

Key Responsibilities:

1. Collections Management:

Contact customers through phone calls, emails, or written communication to remind them of overdue payments.
Maintain accurate records of all interactions with customers, including payment arrangements, discussions, and promises made.
Negotiate payment terms and settlement agreements with customers to recover outstanding balances.
Monitor accounts and track delinquent payments to ensure they are followed up promptly.
Follow up with customers to ensure timely collection of outstanding payments, and escalate complex cases to higher management when necessary.

2. Dispute Resolution:

Resolve customer disputes or concerns related to payments, invoices, or accounts.
Investigate reasons for payment delays or missed payments, such as financial difficulties or service-related issues, and work with customers to find mutually agreeable solutions.
Liaise with other departments such as sales, customer service, or legal to resolve issues and ensure smooth collection processes.
Mediate between the company and customers to facilitate amicable settlements, ensuring compliance with company policies and legal requirements.

3. Credit Risk Assessment:

Review customer accounts to evaluate the creditworthiness of delinquent accounts.
Work with the credit team to assess the potential risk of bad debts and recommend account statuses such as credit hold or further collection actions.
Assist in the preparation of credit reports by providing up-to-date details on overdue accounts and payment trends.
Suggest ways to mitigate financial risk and improve overall collection strategies.

4. Reporting and Documentation:

Maintain detailed and up-to-date records of accounts receivable and outstanding payments.
Generate and analyze reports on overdue accounts, collection activities, and payment trends to identify areas of improvement.
Report on daily, weekly, and monthly collection metrics to the manager and senior leadership, including the status of aging accounts.
Ensure that all collection activities are well-documented and comply with company policies, procedures, and legal guidelines.

5. Legal and Compliance:

Ensure that all collection practices adhere to applicable laws and regulations, such as the Fair Debt Collection Practices Act (FDCPA) or local credit laws.
Coordinate with the legal department to prepare cases for legal action in cases of long-term non-payment or high-value debts.
Prepare and send formal demand letters, notices, or warnings to customers who have failed to make payments after multiple reminders.
Understand and comply with the legal frameworks for debt collection to ensure that all actions are within the bounds of the law.

6. Customer Relations:

Build and maintain positive relationships with customers to foster goodwill and encourage prompt payment.
Maintain a professional and empathetic approach while dealing with difficult or upset customers.
Educate customers on the importance of timely payments and the consequences of failing to meet financial obligations.
Provide high-quality customer service, ensuring that customers feel heard and valued during the collection process.

7. Payment Processing and Recording:

Process and record payments accurately, ensuring that all collected payments are applied correctly to customer accounts.
Track partial payments, credit adjustments, and other payment arrangements in line with company policies.
Reconcile accounts receivable balances and monitor aging reports to minimize the risk of further overdue payments.
Coordinate with the finance or accounting team to ensure proper handling of payment records and customer accounts.

More information about this Collection officer Job

Please go through the below FAQs to get all answers related to the given Collection officer job

What are the job requirements to apply for this Collection officer job position?
- Ans: A candidate must have a minimum of fresher as an Collection officer

What is the qualification for this job?
- Ans: The candidate can be a Graduate from any of the following: B.Com, BA, BBA/BBM
What is the hiring Process of this job?
- Ans: The hiring process all depends on the company. Normally for an entry level, hiring the candidate has to go for Aptitude, GD (If they look for communication),Technical test and face to face interviews.
This Collection officer is a work from home job?
- Ans: No ,its not a Work from Home Job.
How many job vacancies are opening for the Collection officer position?
- Ans: There are immediate 1 job openings for Collection officer in our Organisation.