The world today relies mostly on credit. It is often needed for individuals and businesses to thrive, purchase important items, make investments, and run things daily. A credit specialist is at the center of the approval procedure.
The job extends to reviewing credit applications and related information, determining the extent of risk involved in giving credit to applicants, ensuring applications are in line with the rules and regulations set by lenders, as well as helping out with audits when required.
If you have a great eye for details, a talent for analysis, math, and working with numbers, perhaps it’s the right time to consider utilizing those skills as a credit specialist.
Who is a Credit Specialist?
A credit specialist works with clients to assist them with boosting their financial situation and credit scores. Most credit specialists often work independently, but they could also work at a credit repair agency.
The job description of a credit specialist includes looking for ways to boost clients’ financial situation and carrying out plans to achieve financial goals.
Safe data handling practices are of utmost importance due to the nature of their job; they deal with sensitive information.
Duties and Responsibilities of a Credit Specialist
Credit specialists perform quite a several functions based on the type of agencies they work for.
The job description of a typical credit specialist consists of the following duties, tasks, and responsibilities. The assignment of duties come from the agencies they work for. They include to:
- Undertake credit underwriting and approval process, as well as perform financial analysis on clients.
- Provide support to the sales unit and billing support representatives by identifying cross-selling opportunities.
- Renew existing credit accounts and prepare credit approval packages.
- Coordinate document preparation and closings, as well as review client credit proposals.
- Arrange loan and credit portfolio administration support through keeping track of past dues, collateral value monitoring, document exceptions, and covenant compliance.
- Process loan applications and ensure that the turnaround time requirements are met.
- Assist in averting payment defaults by keeping track of existing credit portfolios to ensure quality credit.
- Assist in boosting loan processes and developing suitable practices by identifying gaps for improvements in the organization’s loan process.
- Act by applicable state and federal laws, guidance, and regulations, including those connected to anti-money laundering.
- Investigate to confirm customers’ identity before an extension of credit.
- Identify and report any suspicious activity to the appropriate unit.
Credit Specialist Requirements: Knowledge, Skills, and Abilities for a Successful Career
To be considered for recruitment for the position of a credit specialist by most organizations, certain requirements will be expected of you to meet.
This will indicate that you possess the competence, qualifications, characteristics, etc, needed to carry out the work assigned to you.
Below are the requirements for major credit specialist applicants. They include:
Education:
The basic requirement for applicants for the credit specialist role is a bachelor’s degree in any of these three:
- Finance
- Accounting, or
- Business
Knowledge:
They must have practical experience with financial statement collections and analysis. Moreso, they must have experience in account or payment reconciliations, solving A/R disputes, investigating chargebacks and deductions.
Experience:
One of the requirements is also in possession of a two-year minimum working experience as a credit specialist.
Customer service skills:
Because credit specialists interact with customers frequently, they must have good client service abilities to give customer support.
Computer skills:
They must be fluent with Microsoft Office applications, particularly MS Excel (v-lookups, pivot tables). It is also very important that those seeking jobs have ERP systems knowledge.
Detail attention and organizational skills:
A credit specialist applicant must multitask, effectively prioritize duties, and discharge duties and tasks with a great level of consistency and accuracy.
Communication skills:
Strong and exceptional communication skills are needed for effective communication with clients and customers and the ability to document necessary information.
Analytical skills:
It is also necessary that credit data and financial statements analysis is carried out. They must be able to arrive at concrete conclusions even when complete information isn’t made available.
Sound judgment:
They must also apply critical/logical reasoning to discern when customers give false information or claims.
Interpersonal skills:
Interaction with customers cannot be overemphasized, as this determines the establishment and management of long-term relationships.
Read this: Interpersonal Learner (Everything you need to know)
Other requirements include:
Understanding basic advisory credit knowledge and consumer credit:
It is also essential to have a strong understanding of handling bond claims with liens and other legal actions.
Concrete knowledge of traditional bank services and products:
This depends on the type of organization they work for, be its credit union, bank, or retail organization.
Requirements of concrete knowledge of traditional bank services and products such as credit cards, deposits, mortgages, etc, as well as the ability to be familiar with all independent wealth management services and products, may be needed.
How to Build a Career as a Credit Specialist
A credit specialist career demands you have some formal education and qualifications, usually a minimum qualification of a bachelor’s degree in accounting, finance, or a similar field.
Earning a certificate as a public accountant (CPA) can give you an edge over other specialists, especially if you work independently or operate on a freelance basis.
Moreover, attaining voluntary certification from various professional agencies may be a huge plus too.
To become successful as a credit specialist, you must possess accounting and math skills, have a thorough grasp of the laws and processes linked to finance and credit, as well as effective communication skills.
Conclusion
In addition to building a career as a credit specialist, you need a certain level of commitment and passion. This applies not only to credit specialists but also to other careers.
I hope this article has provided you with useful information to help your career as a credit specialist.
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