How to become a Credit Officer
Credit officers examine, evaluate and process applications for credit or loans and, in commercial enterprises, control and process accounts.
Personal requirements for a Credit Officer
- Good with numbers and able to make calculations quickly and accurately
- Good communication and negotiation skills
- Able to be firm yet tactful.
Duties & Tasks of a Credit Officer
Credit officers may perform the following tasks:
- Assess loan requests or commercial credit applications through interviews with applicants and by checking application forms, references, credit ratings, credit scores, pay slips and other information
- Approve or recommend approval of loans and commercial credit applications within policy guidelines
- Prepare documents setting out conditions and periods of loans, as well as rates of repayment, and, in a commercial area, the setting out of trading terms
- Prepare reports of loans and accounts that have outstanding (unpaid) amounts
- Keep records of arrears (behind in payments) and prepare routine letters or make telephone calls requesting payment
- Prepare statements of overdue accounts and forward these for legal action
- Prepare reports on credit ratings of customers
- Answer enquiries concerning loan balances or commercial accounts, penalties and the credit standing of customers.
Working conditions for a Credit Officer
Credit officers usually work indoors. They have a high level of contact with the public.
Specializations
Credit Officer
Credit officers examine, evaluate and process applications for credit or loans and, in commercial enterprises, control and process accounts.
