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How to Become a Consumer Credit Analyst

Career News January 17, 2014

Analyzing credit is not merely a suggestion, but an important part of the lending industry. Without credit, we would have no idea what risk is and why loans are worth the investment of the lending company. Reading credit reports and piecing together the story of a person’s finances is imperative to being a good consumer credit analyst.

A consumer credit analyst assesses and makes decisions about every type of loan application, from credit cards to foreign investment. Employers of credit analysts include commercial, investment and international banks, insurance companies, investment and management companies, building societies and specialized credit rating agencies.

Your Job Duties

A consumer credit analyst uses a wide range of criteria in considering a consumer application, basing the analysis on the purpose of the application, credit viability, the customer paying history, credit worthiness, among other criteria.

The job duties are exacting. A consumer credit analyst gathers and reads information concerning the credit applicant, assessing, interpreting, and analyzing the complicated financial data, and completes a risk analysis, sometimes even visiting the client. A consumer credit analyst uses a credit scoring system for small credit amounts, such as small, unsecured personal loans.

The Risk and the Responsibility

The purpose of the job duties is to keep their company credit exposure within set risk bearing limits and help enhance the qualities of credit applications. The consumer credit analyst may make recommendations concerning procedural and policy changes. It is the responsibility of the consumer credit analyst to remain up to date on key issues concerning legal, market risk and compliance policies.

Accredited studies for becoming a consumer credit analyst entail bachelor’s degree in business or a related field, with a background in management, statistics, finance, mathematics, accounting, physical and applied sciences, and economics. Increasingly, a Masters in business administration is desired.

Online Options for Applicants

Employment can often be secured online through career services and specialist recruitment agencies, although they generally prefer to hire analysts with previous experience. Experience can be gained through an internship, though other credited activities include undertaking sector and company research, voluntary replacement work for vacationing employees and attending presentations.

Employers seek reliable and motivated graduates who exhibit good management skills and are able to work under pressure. To become a consumer credit analyst, you should be adaptable, confident, and reliable. You must exhibit the ability to work within a team, with good numerical, interpersonal, communication and problem-solving skills.

A consumer credit analyst relies on company instructions and pre-established guidelines to perform job functions. The analyst will work under immediate supervision and typically reports to a manager or supervisor. Consumer credit analysts can expect a median salary between $37,000 and $45,000 a year, with opportunities to advance into top paying accountant positions.

If you have the motivation to succeed and to find a better job in a recessionary environment, then it’s time to go back to school and invest in your own abilities. A job in credit is a stable choice and one that can give you a better life and plenty of advancement opportunity.

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  • Regionally accredited by the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC).
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