dcsimg



Schools in the USA
Back to Career Search     

Credit Officer


Description

Many individuals come to a point in their lives when in order to purchase an expensive item, such as a house or university tuition fees, they need to apply for some form of credit or a loan. The same applies to businesses that are starting up or need extra funding; they need credit in order to move forward as a company. This is where a credit officer is needed.

Credit officers understand and analyze financial information about loan applications and business conditions, and approve or reject credit applications. They develop credit structuring alternatives for large account transactions and assist account officers in the management of these accounts. Credit officers must ensure that those who want to borrow money are a safe financial risk to the organization. If a potential borrower is deemed unable to pay back a loan in due time by the credit officer, they will be rejected.

So how does a credit officer determine the creditworthiness of an individual or a business applying for credit or a loan? They must spend their days obtaining information from banks, credit institutions and employers, going over a client's credit history, seeing if they have paid back loans in the past. Credit officers will interview applicants for personal, student and business loans, and for mortgages, going over all of these financial questions. After gathering and synthesizing all applicable financial information, they make a final decision regarding the loan.

In larger organizations, there are often different departments that deal with credit operations. For example, some officers may deal with personal accounts while other work in the commercial sector. Also, some may promote credit cards, some may collect outstanding debts while others might work with higher level accounts. In smaller firms, the credit officer usually does all of the credit-related work. The traditional credit officer position was centered around processing and approving loans. However, the job has changed in recent years to focus more on the sale of financial products and services, such as investment funds.
 
View Schools for this Career: 
         Related Careers
arrow Accounting Clerk
arrow Accounts Officer
arrow Actuary
arrow [ view all related careers ]



Program Spotlight
Matching School Ad
Keiser University

Since 1977, Keiser University has provided quality student-centered, career-focused education. Keiser University Online offers degree programs online to prepare students for in-demand professions.

Programs Offered:
  • Business Administration, BA - Finance
  • Master of Business Administration, MBA - Accounting
  • Associate of Arts in Accounting

 

 



  Average Earnings  
Lowest 10% of Earners:
$25,790
 
Median Salary:
$43,980
 
Highest 10% of Earners:
$88,450

  Interests and Skills  
Successful credit officers should work with high levels of integrity, honesty and accuracy because they are dealing with numbers and other people's money. They must be skilled problem solvers and be able to make independent, important decisions since they are the ones deciding whether or not to grant loans. Credit officers are good negotiators and communicators as a great deal of the work is dealing with clients. They must also be sympathetic and compassionate because the people coming to them are asking for their help in obtaining credit and they sometimes get rejected. Finally they are born managers who enjoy coordinating the work of others.
 

  Typical Tasks  
  • Plan, organize, direct and control the activities of a credit department in an industrial or commercial organization
  • Administer corporate, commercial and personal loan accounts
  • Evaluate and review loan and credit applications
  • Check out credit ratings with credit bureaus and reporting agencies, and payment experiences with other suppliers
  • Approve or reject credit applications, establish credit limits and determine repayment plans or schedules
  • Ensure collection of overdue or delinquent accounts
  • Ensure credit policies and procedures are followed according to established guidelines
  • Prepare credit and loan reports
  • Recruit credit personnel and oversee their training
  • May supervise a staff of credit personnel
  • May interview, hire and train employees
  • Help senior managers set credit policies, credit lines, procedures and standards.
  • Credit officers typically work in an office environment. Depending on their level of responsibility and management position, they may work longer hours, such as a 50- or 60-hour work week. Credit officers deal with people constantly, including their own staff, members of the public and people in business and industry. Commercial credit managers may travel to firms to interview prospective borrowers and assess business operations.

  Workplaces, Employers and Industries  
  • Credit officers usually work for credit unions, trust companies, banks, finance companies, credit bureaus, commercial lending institutions, industrial corporations and wholesalers, large retail stores and retail chains and government treasury departments.

  Long Term Career Potential  
Experienced credit officers may advance to senior management positions within their organization. They may also shuffle around the financial world working in marketing departments, or becoming financial planners or investment advisors, depending on their qualifications. There is also the possibility of opening up and running one's own credit and loans firm, however most entrepreneurs will only branch out on their own with a solid client base and years of experience.
 

  Educational Paths  
Credit officers usually have a university degree or college diploma in business administration, commerce, economics or a related field. The next step is the completion of either a specific company management training program or a course in credit management. As with all careers, the more on-the-job experience one gets the better chances of getting a good position.
 

Sources:
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2014-15 Edition, http://www.bls.gov/ooh/
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Employment Statistics, 2002, http://www.bls.gov/oes/2002/oes_nat.htm

Featured Schools

Matching School Ads
Keiser University

Since 1977, Keiser University has provided quality student-centered, career-focused education. Keiser University Online offers degree programs online to prepare students for in-demand professions.

Programs Offered:
  • Business Administration, BA - Finance
  • Master of Business Administration, MBA - Accounting
  • Associate of Arts in Accounting

 
Purdue University Global

Building on Purdue's mission to provide greater access to affordable, world-class education, Purdue University Globaldelivers a fully personalized online experience that's tailored to working adults.

Programs Offered:
  • MS in Finance - Financial Analysis
  • MBA - Finance
  • BS in Business Administration - Financial Analysis
  • And more...

 
Liberty University

100% Online & No Standardized Testing

Programs Offered:
  • MSA: Financial Services
  • MBA: Finance
  • MSA: Business
  • And more...

 
Berkeley College

The Berkeley Advantage®is part of a proven approach to career-focused education that can help students prepare for success.

Programs Offered:
  • AAS, Financial Services
  • BBA, Financial Services
  • BBA, Accounting
  • And more...

 
Northeastern University - Online

Northeastern University’s D’Amore-McKim School of Business is pleased to offer a 100% online MBA.

Programs Offered:
  • Online Master of Science in Finance

 
Georgetown University

About Georgetown University
Georgetown University is a private, not-for-profit, accredited university located in Washington, DC. Founded in 1789 by John Carroll, Georgetown is America's oldest Catholic and Jesuit University. Today, Georgetown is a major international research university. It has nine schools, an affiliated hospital and many highly-ranked graduate programs.Georgetown University Online

Programs Offered:
  • Master of Science in Finance

 
Northcentral University
  • Northcentral University was founded in 1996 to provide working professionals around the world with unprecedented access to richly engaging, professionally relevant, and academically-rigorous education from a U.S. university.
Programs Offered:
  • Financial Management - PhD in Bus. Admin.
  • Financial Management - D.B.A.
  • Advanced Accounting - PhD in Bus. Admin.
  • And more...

 
California Intercontinental University
Advance your career with an online degree from California InterContinental University.
Programs Offered:
  • Master of Business Administration in Banking and Finance (MBABF)

 
Keiser University Campus

Since 1977, Keiser University has maintained a practical, hands-on approach to career-focused education to help our students achieve their personal and professional goals.  Our student-centered approach remains at the foundation of the Keiser University mission and continues to attract students who prefer a more personal learning experience. 

Programs Offered:
  • Bachelor of Arts in Business Administration with a concentration in Finance
  • Master of Business Administration, MBA - Accounting
  • Associate of Arts in Accounting
  • And more...

 
University of Maryland at College Park

The Robert H. Smith School of Business at the University of Maryland is recognized by Bloomberg Businessweek and U.S. News & World Report as one of the nation’s Best Business Schools. 

Programs Offered:
  • MBA - Finance
  • MBA - Accounting

 
Matching School Ads
  Universities and Colleges
Clarkson UniversityColorado School of MinesDalhousie University
Oral Roberts UniversityPenn State HarrisburgTemple University
The University of HoustonThompson Rivers UniversityUNB Saint John
University of AlabamaUniversity of ArkansasUniversity of British Columbia
University of IowaUniversity of New BrunswickUniversity of Ottawa
York University
Agriculture and Bio-resources | Allied Health and Health Sciences | Applied Business Technology | Architecture
Business Administration | Computer Science | Cosmetology and Esthetics | Culinary, Travel &Hospitality | Dance 
Engineering Technology & Applied Technology |Engineering | Film | Fine Arts and Design | Humanities and Liberal ArtsJustice and Security
Music
| Natural and Applied Sciences | Naturopathic and Holistic MedicineNursingPublic Administration & PolicyReligious and Theological Studies
Sport Sciences and Physical Education | Teacher Education | Theatre
Articles | College News | Videos | Feedback | Career Search
Home | About Us | Contact Us | Faq | Terms of Use | Privacy Policy | Site Map | Cities Site Map

Copyright 2003- 2018 QuinStreet, Inc. All Rights Reserved.