Credit

Functions

• Credit clerk / Credit officer
• Credit supervisor / Credit analyst

Description

Credit professionals work for the accounting department. They are responsible for applying company standards, practices and policies in terms of credit. They study customer files and track the various levels of credit granted.

Duties

• Credit clerk
  - Manage new credit requests
  - Open credit accounts
  - Track accounts
  - Contact customers to recover amounts due while observing the company's policies
  - Advise and inform customers
  - Prepare the reports required by loan management procedures

Credit clerks work with accounts receivable clerks and collection clerks. Depending on the size of the company, one person may be responsible for all three functions.

• Credit supervisor
  - Supervise the credit clerks
  - Set objectives
  - Analyze risks for credit requests, and approve or turn them down
  - Make sure that credit policies are observed
  - Approve changes to credit data
  - Participate in implementing underwriting standards

Several years of experience in credit are required to hold this type of job.

Skills

This profession requires organized, calm, methodical and results-oriented people. Negotiating skills are required, along with perseverance and the ability to establish good interpersonal relationships.

The job of supervisor requires personnel supervisory skills.

Salary

• Credit clerk

Small- to medium-sized companies:

- Up to 1 year: $28,250 to $33,750 a year

- 1 to 3 years: $32,000 to $39,000 a year

Large companies:

- Up to 1 year: $29,750 to $35,500 a year

- 1 to 3 years: $33,750 to $41,250 a year

• Credit supervisor

- Small- to medium-sized companies: $40,250 to $52,500 a year

- Large companies: $43,250 to $62,250 a year

(Source: 2006 Salary Guide / Robert Half International)