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.