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.

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