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Credit Officer

Alternative Titles: Credit and Loans Officer

Credit officers examine, evaluate and process applications for credit or loans and, in a commercial enterprise, control and process accounts.

Credit officers may perform the following tasks:

assess loan requests or commercial credit applications through interviews with applicants and 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 papers setting out conditions and periods of loans, rates of repayment, or in a commercial area, the setting out of trading terms
prepare reports of loans and accounts which 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 credit standing of customers.

With experience and sometimes further training it is possible to become a

Credit Manager who is responsible for the credit policy of the business. They may perform the following tasks:

supervise the activities of the credit department
investigate the financial standing and reputation of credit applicants, and approve or reject applications
establish and control credit limits and terms
provide customer information service
liaise with the marketing or advertising areas of the company to promote the use of credit by the public
plan company strategies and policies relating to merchandising, direction and market share by liaison with senior marketing, promotion, buying and sales executives
authorise and handle negotiations with clients in areas of credit limits, account adjustment and debt-repayment plans.