If you are looking for a job, you may want to check out listings for credit authorizers, checkers, and clerks. Since the credit crisis, banks and lending institutions more thoroughly investigate their credit applications and have higher standards of approval than in the past. This has increased the need for careful review of all credit applications, and that’s where credit authorizers and checkers come in.
As a credit clerk, you will be able to help financially responsible people meet their goals, and you will also protect your company from irresponsible people with bad credit. Here’s what you need to know if you are considering this type of job:
How does it work? Credit authorizers, checkers, and clerks do the legwork of the credit industry for a variety of lending companies. People who want to finance something or apply for a credit card need to prove good credit, and this is done through a credit check. The credit check is performed by credit authorizers, checkers, and clerks, who help to decide if a person or business is worthy of credit for whatever purpose.
Credit checkers serve as investigators in some ways, because they are responsible for digging up financial information on the applicant. This may involve checking with credit reporting bureaus, examining various records for overdue billing, and checking overall credit rating. There is much paperwork and electronic filing associated with this process and credit clerks are required to keep everything organized and in the right file.
What about earning potential? On average, credit clerks make about $30,000 a year. If you have additional skills like computer know-how and data-processing abilities, you might be able to make more than the average and move up from the entry-level pay bracket. An educational background in business or finance may also be useful to increase your earning potential.
What education do I need? Many credit authorization companies train on the job, so don’t feel like you need to be an expert in the credit industry. But as with most fields, education is a plus. While you might be able to get by with a high school diploma, the best candidates may also have an accounting degree or education of some kind, whether from a trade school, an associate’s program, or a four-year bachelor’s degree program.
What is the job outlook? Employment of credit authorizers, checkers, and clerks is expected to grow at a slower-than-normal rate over the next decade. This is because technology has dramatically changed the way things are done in the credit industry and has decreased the need for worker-hours in some areas. But despite these changes, credit checking is a great job market if you can stay on top of the trend. More businesses and organizations are becoming increasingly strict with their credit approval, increasing the need for clerks. There is also a high turnover rate, which means that jobs open up regularly.
What are my options for career advancement? Becoming a credit authorizer, checker, or clerk can be a great stepping stone to a solid financial career. It will give you the experience and contacts you need for reaching the next level. To advance your career, you will need to fine-tune your communication skills and ability to work with others, and take advantage of any opportunity to network with others in the field.
There are many higher-level jobs in the credit industry, including credit director, collections manager, and so on. If you work for a large company, your opportunities for advancement will be greater than if you work for a very small company. Focus on doing your job well and efficiently, and always have an eye on the bigger picture. You may want to consider enrolling in an associate’s or bachelor’s degree program to gain education in business or financial management. Even taking a few courses in credit and financial management at your local community college may help your career adapt with the changing times.