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Credit manager jobs often strategically determine the credit character of a consumer or commercial client. Such strategy is often performed for lending purposes, and these positions are likely to exist in banks, car dealerships, retail stores and credit bureaus. Credit card companies and corporations that provide goods or services may offer additional opportunities in this field. Some credit managers may work in an accounting capacity, while others may measure risk management. Many of these positions require candidates to hold four-year degrees in business, while some supervisory positions look for people with Master’s degrees in business or quantitative statistics.
Many credit card companies or lending institutions employ checks and balances that ensure a customer has the ability to repay the loan or line of credit in question. Part of this system verifies the customer is employed with sufficient income. The other component ensures his or her previous and current bills are paid in a timely manner. These facets generally measure a customer’s credit character. The person with the final decision regarding credit extension, however, is likely to be the credit manager.
A credit manager job description may include the following responsibilities: hire and supervise credit checkers, define the minimum qualifications for client credit extensions and responding to customer complaints. These positions may also review a customer’s account to remove or add late fees and create special arrangements for those with credit who are unable to make their payments. Credit manager jobs are likely to entail a great deal of customer service, both in handling concerns and answering questions.
Credit extension is often divided into consumer and commercial lines. Consumer credit manager jobs often direct the credit operations of retail stores and credit bureaus. In small offices, such as bank branches or car dealerships, these individuals may help customers complete credit applications. They may then check a client’s financial references and determine the loan or credit amount, if any, to be extended.
Commercial credit manager jobs often work in large lending institutions and make decisions affecting the credit standing of corporations. These positions often perform extensive credit history research before making lending decisions, because commercial credit lines may involve hundreds of thousands of dollars. Managers are thus likely to contact credit bureau agencies and bank officers to determine the credit character of a company.
Some companies have accounting departments that oversee accounts payable and receivable. In this capacity, credit manager duties may center on monitoring collections efforts for past due accounts and inducing delinquent accounts to pay. Related functions are thus likely to include tracking past due accounts, establishing and monitoring payment plans and submitting accounts for collection with external agencies.
Many corporate accounting departments may combine the efforts of collections and accounts receivable. Such credit manager jobs may subsequently oversee credit functions, including applying payments to consumer accounts. These positions are further likely to balance and prepare bank deposits, establish and maintain client records and resolve complaints concerning accounts receivable discrepancies. Credit managers in such capacities may also approve client orders for release and discuss credit issues with other managers.
European credit manager jobs may be available with a diverse group of employers, including banks, consumable products suppliers and credit card lenders. Many of these positions conduct collections efforts with international clients. They are likely to analyze client credit applications, forecast losses from unpaid debts and identify a healthy balance between credit risk and reward for the company’s financial portfolio.
Credit risk is often defined as the chance that a borrower will fail to meet financial obligations according to the lendor's terms. Risk management often works to maximize rate of return while keeping credit exposure to a minimum. A credit risk manager is thus likely to be involved with quantitative analysis and reporting of lending risks. This person may use software applications to determine a company’s statistical risks based on multiple asset classes, lending strategies and market interest rates. He or she may or may not be directly involved with processing consumer credit applications.
Positions in credit risk management are likely to require Master’s degrees in business administration or quantitative statistics. Where less analysis is involved, credit manager requirements may include four-year degrees in business and professional experience in collections or accounting principles. Skills required of these positions are likely to include the ability to meet deadlines, oversee others and communicate with diverse populations of customers.