BFSI Sector
Debt Recovery Agent
Introduction
The banking & financial system of the nation plays a significant part in advancing
the long-term growth of the economy. The significant segments of the industry
are banking, insurance, and mutual funds.
Based on the expected growth in the banking and financial services industry
(BSFI), it is expected to increment in the debt recovery sector.
Wish to make a career as a Debt Recovery Agent?
If yes then you are in right place.
In this blog we’ll discuss exhaustive information on the job description of a debt
recovery agent, to help you understand what they do.
Job Description
Debt Recovery Agent knew as Loan Recovery Agent and Money Recovery Agent. They are employed and empowered by an organization to attempt the collection of debt in all legal and possible ways. Their major duty is to find people who owe money from overdue bills and negotiate payments, hence they are also known as Payment Recovery Agents.
What are the Job Responsibilities and Duties of Debt Recovery Agent?
- Serve as intermediaries or middlemen between the company and debtors of the company.
- Reach out to clients to gather payment for overdue bills, loans, or other payments.
- Handle overdue accounts in the company.
- Gives reminders of outstanding and unpaid long-overdue bills to customers.
- Make an agreement with debtors and establish a good atmosphere where debts can be paid.
- Respond to questions and complaints from debtors.
- Keep a high level of confidentiality of the company with its customers.
- Keeps record of new recovered debt and complete debt as well as people owing to the organization.
- Manage customer policies and procedures.
- Assist the company is resorting to legal actions if needed.
Requirements
Here are major things recruiters/employers may wish you to meet to be hired:
Eligibility
To should meet requirements to get hired if you are seeking to work as a debt recovery agent
- You must have at least a high school diploma and a knowledge of bookkeeping.
- Some employers may require a college degree in finance, accounting, or a relevant field.
- Debt Recovery certifications.
- Debt collectors must have a valid driver's license as their work include visit the debtor's home or offices to collect payments.
Entrance Exam
To get into job candidates can apply for IIBF Debt Recovery Agent (DRA) Exam. As
RBI advised the Indian Banks' Association to put together, in consultation with the
Indian Institute of Banking and Finance (IIBF), a certificate course for Loan
Recovery Agents to undergo 100 / 50 hrs. of training.
Likewise, it has been informed to the service providers connected with by Banks
to employ personnel who have gone through the training and acquired the
certificate with the end goal of recovery from IIBF.
Skills Required
IT Skills
You must have computer skill required for this job is a good knowledge of MS Office and Database applications of various types.
Non-It Skills
Communication Skills & Negotiation Skills
Must have these skills to be a successful Payment Recovery Agents. This skill helps to explain financial, regulatory, and procedural matters firmly and clearly.
Analytical Skills
You need to have analytics skills to help and think out a way forward with each unique case.
Professionalism
This job profile is quite a tricky one that demands a professional attitude at every point in the job. You must present yourself professionally to both the organization you work for and the clients of the organization.
Organizational Skills
You should be organized to maintain track of the debtor’s condition. These skills also help you recover the most money for your organization/ Bank Recovery Agency.
Multitasking Skills
Multitasking with great planning make sure delivery of excellent jobs.
