We study the collective dephasing process of a system of non-interacting atomic qubits, immersed in a spatially uniform magnetic field of fluctuating intensity. The correlation properties of bipartite states are analysed based on a geometric representation of the state space. Particular emphasis is put on the dephasing-assisted generation of states with a high correlation rank, which can be related to discord-type correlations and allow for direct applications in quantum information theory. Finally we study the conditions that ensure the robustness of initial entanglement and discuss the phenomenon of time-invariant entanglement.