Collections Specialist - Chicago, IL

Chicago, IL
Full Time
Consumer Lending
Mid Level

Job Summary:

The Federal Savings Bank (TFSB) is hiring for a Collection Specialist based in the Chicago area to work with our Loan Servicing division. The Collection Specialist's main role is to identify, record, and track the accounts of clients with overdue payments. TFSB is looking for candidates with outstanding communication and negotiating skills as well as in-depth knowledge of the laws and policies pertaining to debt collection. This position is based in our Chicago headquarters (Logan Square), and reports to the AVP of Loan Servicing. Only applicants who reside in the Chicago area at the time of application and can agree to a hybrid office schedule will be considered.

Key Responsibilities:

  • Update and maintain accurate recordings of accounts with overdue payments
  • Issue and track past due notices to account holders with missed payments
  • Investigate and resolve any customer complaints
  • Document and update changes in clients' address and contact information
  • Negotiate and implement repayment plans for customers with an outstanding balance
  • Report all overdue payments to credit bureaus
  • Work directly with 3rd party collections agencies and legal to collect on charged off accounts



  • High school diploma or equivalent
  • Bachelor's degree (preferred)


  • 2-3 years of experience in collections, preferably for credit or auto financing
  • 1+ year of skip tracing experience
  • 1+ year as a team lead or supervisor
  • Knowledge of laws and policies related to debt collection
  • Ability to negotiate in persuasive manner
  • Exceptional customer service


  • Microsoft Office Suite
  • Database software

     Additional Skills:

  • Strong attention to detail
  • Negotiation tactics, persuasion, and conflict resolution
  • Multi-tasting in a timely and efficient manner
  • Superb ability to prioritize tasks
  • Outstanding communication, both written and oral
  • Ability to work independently
  • Fluency in Spanish is preferred but not required

Employee Benefits:

  • Base salary plus bonus
  • Generous paid time off, plus sick days
  • Comprehensive Health, Dental, and Vision insurance plans available; includes company paid life insurance; Competitive Flex Spending Accounts (FSAs)
  • Employee Assistance programs (EAPs) for Financial planning, emotional support, legal guidance, and work-life solutions
  • Partial annual 401k match
  • Employee appreciation events
  • A true team culture working toward providing meaningful service to our customers!



The Federal Savings Bank is an equal opportunity employer. All applicants will be considered for employment without attention to race, color, religion, sex, sexual orientation, gender identity, national origin, veteran or disability status

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