Credit Administration Job Description

Save

Purchasing a house or car in full can be difficult or impossible for many, so many individuals rely on credit given to them by credit administrators. Other individuals need extra financing in order to buy a house or want to simply use credit in order to purchase everyday items. Credit administrators make sure that both the creditor and debtor are happy with the relationship.

Function

  • Credit administrators are responsible for helping creditors acquire loans and manage credit portfolios. Some credit administrators develop bank policies while managing credit risk. These policies limit bad debts, keep departments in the credit agency coordinated and simplify decision making. Others perform more clerical tasks, organizing information in order to make sure that the loan company functions efficiently. The credit administrator must be up to date on all regulatory laws. She must be aware of the economy and industry trends in order to know whether or not a particular loan will be beneficial for the loan company. She must report loans to upper management. When loans become delinquent or problematic, she must devise appropriate action.

Conditions

  • Credit administrators spend most of their time in the office, which is usually a clean and comfortable environment. However, credit administrators sometimes have to travel in order to coordinate complicated loans. These administrators usually work the standard 40-hour work week. Consistent credit policies relieve some of the stress of determining whether or not to make a loan to a client.

Skills

  • Credit administrators need a bachelor's degree in finance, economics, business or accounting, since credit administrators must be able to work well with money. Credit administrators need good interpersonal relationship skills, since they often need to interact with others. Effective credit administrators are usually good at math and are very detail oriented. They also usually need to pass a background check.

Outlook

  • The need for credit administrators is expected to grow by 10 percent between 2008 and 2018, according to the Bureau of Labor Statistics. This growth will be driven by a growth in both population and the economy. However, automation and the Internet are expected to reduce some of the need for credit administrators as much of the communication between the credit administration and the debtor can be handled online.

Earnings

  • In 2008, the median earnings for loan officers were $54,700, according to the Bureau of Labor Statistics. The highest earning loan officers earned more than $106,360, while the lowest earning loan officers earned less than $30,850. Those working for the Federal Executive Branch earned the most, while those who worked for the depository credit intermediary earned the least.

References

  • Photo Credit credit card image by jimcox40 from Fotolia.com
Promoted By Zergnet

Comments

You May Also Like

  • Admin Officer Job Description

    An admin officer is the most senior employee within a company. She reports directly to the chief executive officer. She is responsible...

  • General Administrator Job Description

    A general administrator is also known as an office administrator or an administrative assistant. An administrative assistant works in many industries and...

  • Job Description for an Administrative Officer

    Larger organizations often have intricate hierarchical structures of management that are responsible for overseeing the operations of an organization, especially in the...

  • The Role of a Credit Manager in a Bank

    A credit manager is a common job position found at a bank. Banks make a great deal of money offering credit to...

  • Credit Card Sales Job Description

    A credit card sales job involves marketing and selling credit cards to consumers. The sales person identifies potential buyers and convinces them...

  • Credit Officer's Job Description

    Credit officers, also referred to as loan officers, facilitate lending from financial institutions to individuals and businesses. People use credit to buy...

  • Job Description of a Credit Manager

    A credit manager establishes policies and procedures for credit application processes, and maintains credit for clients of an organization.

  • Job Description of a Financial Administrator

    A financial administrator has responsibility for a company's financial operations. In the business world, administrators organize processes, people and other resources to...

  • Branch Administrator Job Description

    A branch administrator is the most senior employee in an organization's local facility. Often reporting to a regional manager, president or chief...

  • What Are Bank Credit Cards?

    Bank credit cards are a highly profitable business for the financial institutions involved. The companies make a substantial profit from the accrued...

  • What Are the Duties of an Admin Officer?

    An admin officer is responsible for maintaining the day-to-day running of a company or organization. This includes general officer work such as...

  • Administration Department Duties

    Although John G. Pollard, the 51st governor of Virginia, may have said in jest, "Executive ability is deciding quickly and getting somebody...

Related Searches

Check It Out

3 Day-to-Night Outfits for the Work Week

M
Is DIY in your DNA? Become part of our maker community.
Submit Your Work!